DeFi platform Persistence just confirmed that it has raised $3.7 million from several major industry VCs, including Arrington XRP Capital, LuneX Ventures (crypto arm of Golden Gate Ventures), IOSG Ventures, Spark Capital, Woodstock Fund, Incrypt (crypto arm of First Principles VC), Genesis Block HK, Moonrock Capital, NGC Ventures and AU21 Capital.
Persistence seeks to bridge DeFi and Traditional Finance by expediting the borrowing of crypto assets using real-world assets as collateral. It features a tech stack that helps in removing the complexities of using public blockchains to allow easier institutional adoption while catering to easy use for crypto-native users.
The protocol was created to deliver the tools essential for seamless institutional DeFi adoption whilst also catering to crypto-native users. It seeks to do this by using NFTs to tokenize real-world assets (such as invoices). These tokens can be used by corporations as collateral when acquiring loans, and even traded on decentralized marketplaces.
“A core goal of Arrington XRP Capital is to assist blockchain innovators to create value in the real-world,” said Michael Arrington, Founder of Arrington XRP Capital, TechCrunch and Crunchbase. “The merging of blockchain and fintech is beginning to usher in a new era of open finance which is poised to transform global finance mechanisms. Persistence is shaping up to be a major building block in this financial revolution and we’re proud to be supporting their journey.”
The Persistence SDK has been built in a modular fashion to support the trading and financing of assets covering the end-to-end trader journey, and it has not been noticed by other financial innovators. There are already multiple third-party developer teams utilizing Persistence’s tech stack to build next-gen solutions for bringing a variety of real-world assets on chain.
Persistence is also preparing to launch an innovative initiative to provide the crypto community with access and exposure to XPRT tokens in advance of its public sale. XPRT has a variety of use cases within the Persistence ecosystem, which includes participating in staking to contribute to network security, and community governance of the Persistence mainchain. XPRT, as a work token, also emanates value in direct correlation to increased financial activity within Persistence’s ecosystem dApps.
“We’ve laid the technical groundwork for a new era of blockchain-powered real-world value creation and we have built a strong network of strategic partners.” Says Tushar Aggarwal, Co-founder & CEO of Persistence. “It’s time to push ahead full-force on our mission to bring institutions and real-world assets to DeFi to help the industry to reach its full potential”, he adds.
Details of the community initiative will be revealed by the Persistence team in the next few days.