By Luke F - Crypto Investor
A crypto-asset-backed stablecoin platform, Kokoa Finance has successfully raised $2.3 million in a funding round led by Hashed. This was not the only company that led the fundraising round; the funding was also led by a41 Ventures, Sky Vision Capital, and a few angel investors.
It's reported that the funds will be used to build Klaytn DeFi. Klaytn is a business-orientated blockchain network; it offers multiple quality services for all users, mainly enterprises. As of now the network hosts over 50 blockchain applications. Klatyn was established by KakaoTalk back in 2019, ever since, the platform has gained tremendous popularity after KakaoTalk partnered with Klip wallet. After Korea accepted the blockchain network, the platform's valuation grew to over $4 billion.
Even though the blockchain project has seen great success, ecosystems like Den have grown immensely and attracted users for initiatives like Kokoa Finance. Kokoa Finance is currently building a stablecoin system, the Kokoa Stable Dollar (KSD). Kokoa Finance is a stablecoin platform on the Klaytn network; anyone can borrow its native stablecoin KSD without paying interest. Many newcomers to the cryptocurrency trading world often begin investing in stablecoins as a safe crypto investment. Reportedly, the KSD stablecoin will be architecturally similar to the DAI system on the Ethereum (ETH) network. You can Buy Ethereum on our platform here.
Alongside interest-free borrowing of KSD, MakerDAO borrowers will also no longer be made to pay any interest, providing that they use Kokoa's collateralised vault model. The Kokoa Collateralised Debt Positions can help to produce yield for Klaytn; this means that assets within this system will have a low-risk return and increased capital efficiency.