Kyoko Secures $3 Million in Private Funding Round to Address Issues Facing the GameFi Sector
Kyoko, the leading DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players today announced a raise of $3 million in its private funding round.
Kyoko Raises $3 Million in Private Round
Kyoko.finance’s private funding round was led by Animoca Brands, with other investors including Infinity Ventures Crypto (IVC), YGG SEA, Morningstar Ventures, AXIA8, Red Building Capital, NGC Ventures, Momentum 6, BlockchainSpace, founder of BlockchainSpace Peter Ing, and Kliff Capital.
For the uninitiated, Kyoko offers liquidity solutions to the web3 market via its unsecured and collateralized DAO-to-DAO credit lending platform. A novel offering, DAO-to-DAO credit lending helps platforms to use their capital more efficiently, securely, and transparently.
Kyoko also aims to address some of the major issues facing the GameFi ecosystem, such as the rising cost of entry and siloed in-game assets across different blockchains via its innovative P2P NFT lending and cross-chain asset lending platforms.
The Kyoko team boasts of enviable technical background and comprises members from senior positions at major technology companies and fintech startups the world over.
The funds raised in the latest funding round will be used toward bolstering Kyoko’s position as a first mover in the emerging GameFi market. Kyoko will also burn the midnight oil to ink strategic partnerships with DAOs, guilds, and games. At the same time, Kyoko will grow its development and marketing teams to expand its industry reach.
Commenting on the development, Steve Hopkins, Head of Investor Relations and Business Development at Kyoko, said:
“Traditional corporate credit is a multi-trillion dollar industry in the US alone. There’s never been a better time to bring this demand to blockchain – and Kyoko has the right team and resources to do it. This investment will allow the Kyoko team to quickly expand its credit lending solutions for blockchain-based institutions and capture this untapped opportunity.”
Similar sentiments were echoed by Yat Siu, the executive chairman and co-founder of Animoca Brands. Siu noted:
“As one of the world’s largest investors in NFT-related companies and decentralized projects, Animoca Brands is keenly aware of the value that blockchain-based credit is able to offer to the open metaverse ecosystem, and we recognize the strong potential of Kyoko’s liquidity solutions.”
At present, Kyoko’s P2P NFT lending platform is in its test launch phase while its DAO-to-DAO lending and cross-chain asset lending platforms are slated to release later in Q1 2022.
About Kyoko.finance
Kyoko is a DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players. Kyoko’s DAO-to-DAO lending offers liquidity to promote web3 development, while its guild-to-guild lending, P2P NFT lending, and cross-chain asset lending platforms aim to solve the most pressing issues challenging the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains. Kyoko’s metaverse will also allow Guilds to display their history, progress, and other accomplishments, while players can connect with others in a world that can be built in, developed, and sold off.
