Institutional finance-focused Persistence raises $3.7M to bridge DeFi with Traditional Finance using NFTs

Institutional open finance company, Persistence raises funding to help businesses to scale by raising funds through real world assets (NFTs).

By · Oct 3, 2020 . 7min read

Persistence raises $3.7M funding news
Source : IStock

Persistence, a DeFi protocol enabling institutional open finance by bridging traditional finance and DeFi through the borrowing of crypto assets (stablecoins) using NFTs (real-world assets like invoices) has just announced raising $3.7M from investors to further its mission.

The DeFi protocol received its latest investment funding from industry heavyweights like Arrington Capital and LuneX Ventures. Others like IOSG Ventures, Spark Capital, Woodstock Fund, Incrypt, Genesis Funds HK, Moonrock Capital, NGC Ventures and AU21 Capital.

Growing names within the cryptocurrency industry who happen to be ecosystem partners with Persistence were also part of the investors. Among them include Alameda Research and Terraform Labs, Dokia Capital, SG-1 Validator, Cosmostation and TRG Capital. Crypto OGs like Richard Ma (Founder of Quantstamp) and Danish Chaudhry (Head of Exchange) also participated in the funding round.

Persistence value proposition is an enabling solution for institutions to seamlessly enter the DeFi space and making it easy for traditional companies to access funding with the power of blockchain technology.

Developers and businesses can take advantage of Persistence’s tech stack to build and launch innovative solutions in its growing ecosystem. As Persistence’s way of bridging the DeFi industry using NFTs is a way businesses could tokenize real-world assets like invoices which they may now use to acquire needed funding for scaling their businesses.

Already, Comdex, a commodities trading and trade finance platform is leveraging Persistence technology for growth. Comdex integrated with Western Union for multi-region instant fiat on/off-ramp and boasts of at least $39M in transaction volume.

Persistence solution of bridging the division between DeFi and traditional finance using NFTs comes timely.

Persistence solution is coming at the right time, especially with the DeFi industry’s recent meteoric growth. Although the industry has recorded phenomenal growth with total value locked in DeFi protocols smashing over $10B, there are still many fishes to fry. Moreover, this is by creating the nexus between traditional finance and native DeFi protocols. Persistence, therefore, built modular SDK to support the trading and financing of assets covering the end-to-end trader journey. Third-party developers are already leveraging this as well to build next-gen solutions.

Persistence also mentioned it would organize a public sale for XRPT, the native token for the DeFi protocol.

To conclude, NFTs are already gaining massive attention this year. No one knows for sure if it’ll take off like the DeFi’s traditional lending and newer yield farming strategies. However, being able to source funding from alternative means by using real-world assets like invoices may become a major game-changer. A lot of experimentation is currently happening in the industry; Persistence’s solution is an added impetus.

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