News03 September 2021

Avalanche’s DeFi platform Trader Joe Raises $5 Million from Venture Capitalists.

Trader Joe

Summary

  • The second-largest Avalanche protocol gets a $5M investment
  • Trader Joe to launch lending and borrowing protocols
  • Funding round led by DeFi investment giants
  • AVAX tops $50 while JOE surges 40% on the day

Avalanche’s second-largest protocol, Trader Joe, has just concluded funding round, raising $5 Million from leading venture capitalists. In an announcement made on September 2, the platform revealed that the funding round was led by DeFi giants, including Defiance Capital, GBV Capital, and Mechanism Capital.

Other VC firms, angel investors, and industry leaders joined the funding round, notably Coin98 Ventures, Three Arrows Capital, Delphi Digital, Aave founder Stani Kulechov, and the Avalanche Foundation.

With this round of funding, Trader Joe will expand its team through a cash injection while the rest of the funds will go towards building and developing its platform.

“Our vision is to build fast, stay agile and serve users at the frontiers of DeFi. We are incredibly humbled by the support of our users and investors. The Avalanche ecosystem is just getting started, and we will do our part to drive DeFi innovation.” - Pseudonymous co-founder “Cryptofish” & “0xMurloc.”

These developments have positively influenced the price of AVAX as the token surged 420%, currently trading just under $50 as of September 3. On the other hand, JOE jumped by 41% to reach $2.04, 22% away from its all-time high of $2.60.

Kibet Elikana
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