Zen Capital, a venture capital fund affiliated with crypto investment giant Pantera Capital, has announced its support in the seed funding round of AvaxFi, a decentralized finance (DeFi) platform based on Avalanche network.
According to information obtained by CQ, Zen Capital supported the said DeFi startup as it showed promise in “disrupt[ing] the world of finance.”
Tomas Martunas, managing partner of Zen Capital, said:
We are thrilled to lead the Seed Round for AvaxFi, an Avalanche native DeFi platform created to make your digital assets work for you, while also providing access to collateralized loans for those ignored by traditional lenders and grants financial inclusion for the unbanked in the developing world.
For its part, AvaxFi asserted that its team will display a fully automated lending protocol to DeFi customers on top of utilizing Avalanche’s speed and scalability. The DeFi platform will also launch its own native token Avfi to decrease transaction costs.
A representative from AvaxFi also clarified that they will make the platform compatible with Bitcoin and tokens under the ERC 20 standard.
AvaxFi is not the only startup that Zen Capital has invested in. Some successful companies within the Pantera Capital partner’s portfolio include NFT games SolChicks, Mars4, Ertha, SpellFire, and more. Aside from these, Zen Capital has invested in decentralized exchange (DEX) Soldex.
Meanwhile, AvaxFi revealed that it is planning to proceed with a private funding round. When asked for further details regarding both the seed round and the upcoming private funding round, the startup only mentioned that it will announce the date soon.