Money market platform burrowcash raises $5 million from Dragonfly Capital and others, to launch on NEARProtocol. By thesamreynolds
The NEAR protocol has a new money market platform with the launch of Burrow, which announced a $5 million raise backed by Dragonfly Capital, ParaFi Capital, Jump Crypto, QCP Capital and others on Wednesday.is a non-custodial liquidity pool platform that functions as a decentralized money market, allowing users to supply and borrow assets for trading.
It comes as NEAR and a slew of next-gen blockchains look to stand up vibrant decentralized finance ecosystems – often with the help ofOther investors in the Burrow round include Lemniscap, Mentha Partners, Warburg Serres Investments, DeFi Capital, D1 Ventures, GFS Ventures, SevenX Ventures and Metaweb Ventures.
"We believe decentralized money markets act as a cornerstone for DeFi given their composability and utility," Anjan Vinod, Vice President at ParaFi Capital, said in a note to CoinDesk."By building natively on NEAR, we believe Burrow can integrate with other NEAR-native DeFi primitives including DEXs, liquid staking solutions, and stablecoins."
Burrow currently supports NEAR, DAI, USDT, USDC, ETH and wBTC for deposits and wrapped assets like stNEAR, stETH, stSOL and stFTM for staking. Burrow says that it will launch a governance token staking program in its second month. If users stake the native BRRR token, they will receive xBRRR which allows them to vote on DAO governance proposals.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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