Rikkei Finance Raises $5.6 Million to Build The First Open Lending Platform with Cross-Chain Support and NFTs Collateralization

·5 min read

Rikkei Finance is a Vietnamese DeFi startup, a team of industry experts who're building a blockchain lending platform. They are using decentralised technology to innovate on old ideas like money lending, credit, and even insurance. The platform utilizes blockchain tech that enables cross-chain integration, meaning they can accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well.

HANOI, VIETNAM / ACCESSWIRE / May 28, 2021 / We're rapidly entering a brand new age of commerce. With the popularization of cryptocurrencies and the expansion of unique digital goods trading options such as open market trading and the emergence of NFTs, there is a new kind of money and a new way to manage it. Where there is progress that is this explosive comes chaos. Scams are rife and options may be limited to those who don't understand what's going on. The common people have to defer their decisions to expert opinions, and who can they turn to for something so unique? Thankfully there are already experts in this growing field who know how to keep things under control.

The team is already looking into new digital asset collateralization as well, including NFTs. Non-Fungible Tokens (NFT) are unique pieces of blockchain data, long character strings that represent a singular file or piece of data that registers it as a one of a kind unique digital entity. It's the modern-day art trade, taking a one of a kind piece of art with a hand-made signature and printing number and giving it a value in which people invest and trade for.

But it's all digital. The keys are tied exclusively to accounts and their exchange across the blockchain can be tracked as they are traded from one person to another, along with the money that is spent to trade them, which adjusts the overall value of the object in real time. It's safer than a standard paint and canvas print.

"Since we got into the crypto ecosystem in 2012, our main strategy was to invest in people. What can be found in more than 60 projects I invested in is that they all have a team with strong technical, research and operational competency as well as a clear business mindset. Rikkei Finance is exactly what I'm looking for. We're glad to support it. They're building a decentralized system for frictionless borrowing of any tokens with cross-chain compatibility, allowing proper money markets to function and creating a safe positive-yield approach to store assets. I am looking forward to seeing their platform have a big impact in the DeFi ecosystem" adds Stelian Balta, founder of HyperChain Capital who's a big supporter and one of the early investors in the project.

Rikkei Finance has attracted powerful names to its main team. Rikkei was founded by Dang Thai Hoa and Vu Thanh Tung. Its main Advisor is John Ng Pangilinan, who is a managing partner at Signum Capital and Luu The Loi, who is the CEO of Kyber Network. These two companies also helped secure Rikkei's initial funding of $5.6 million. They also have experts from their end. Dang Bao Duc, Rikkei Finance's CFO and a former Quantitative Researcher at Keebeck Alpha, is passionate about building a sustainable lending protocol with high-standard risk management that can enhance users' experience and encourage greater participation.

In the words of John Ng Pangilinan - managing partner at Signum Capital, "I have been privileged to be part of Rifi's roadmap; from its conceptualisation to the development of Rikkei Finance Protocol. Rifi has continuously forged ahead, despite the overarching, global economic conditions. Hence we have participated in its fundraise because we believe in endorsing the future of Rikkei Finance. With every investment decision, it comes with the need to balance risks and returns, Rifi prioritises the importance of reducing users' risk profiles whilst optimising sustainable investment returns. This was made possible, with the collaboration of an insurance protocol."

Rikkei Finance has received funding from some of the most reputed investors in the blockchain industry, including HyperChain Capital, Kyber Network, Signum Capital, PNYX, X21digital.com, LD Capital, Tomochain, Kernel Ventures, Trade Coin VietNam, Coin98, Kyros Ventures (Coin68), YBB Foundation Limited, Ark Stream Capital and Inclusion Capital.

What's unique about Rikkei Finance's lending platform?

The vision of the RiFi team is to build a very safe, solid and convenient protocol that makes lending easy and secure. One disadvantage of the current interest rate model is it makes borrowing more cost prohibitive in periods of low utilization rate. RiFi's multi-kinked interest rate model makes the lending platform robust and sustainable.

The protocol lowers the interest rate to increase borrowing incentives and to encourage more people to step forward providing digital assets to lending, the platform rewards suppliers with RiFi tokens.

The protocol also ensures system sustainability through its 5-phase asset selection process, which employs a self-developed liquidity ranking system. Assets will be evaluated and ranked based on multiple liquidity metrics, then be further analyzed and entered into the voting section before being officially added into the pool.

The team envisions doing great things adapting to blockchain tech. Rifi.Lending will have more cross-chain compatibility and the Rikkei Finance team is working towards changing the world of digital assets.

More details about the project can be found at: https://rikkei.finance

Litepaper: https://rikkei.finance/litepaper

Twitter: https://twitter.com/RikkeiFinance

Telegram: https://t.me/RikkeiFinance

Media Contacts:
Ngan Chu
Rikkei Finance
support@rikkei.finance
https://rikkei.finance

SOURCE: Rikkei Finance



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