Port Finance, a Solana-based loan protocol that has the goal of offering a full range of interest rate products for DeFi users and raised $5.3M during its last strategic funding round.
Alameda Research leads the round, with Spartan Group, Brevan Harding, and A41 participating. Port Finance’s list of existing investors also includes Jump Capital, Solana Foundation, GSR, and Defi Alliance.
Port Finance was the first to launch a variable rate lending product on Solana’s mainnet in July 2021. This platform supports 13 asset types from Solana Ethereum Terra Bitcoin Network. It previously had a combined value of more than $300M.
Port Finance’s latest funding round will allow it to increase its existing product range by adding fixed-rate lending as well as interest rate swaps. Sundial, the latest Port Finance product launched last week. It was the first company to provide fixed-rate lending via the Solana Blockchain, starting at USDC. “We are excited to see Port Finance build a fixed-rate lending product leveraging the Serum orderbook”Alameda Research:
‘’Fixed-rate lending is a huge untapped opportunity in DeFi. Traditional finance has fixed-rate lending 25 times more than variable rates. We expect to see fixed-rate lending grow exponentially in DeFi,’’GW says he is the co-founder and CEO of Port Finance. “Institutional investors have expressed interest in borrowing USD against their token holdings at a fixed interest rate. Port Finance expects to work with them closely as the product matures.”
Since its inception, Port Finance has been able to secure over 30 partnerships and integrations. Port Finance will work closely with Solana developers and provide support for projects that integrate with Port Finance through the new Port Ecosystem Grant. Port Finance will be releasing a governance module that includes a stake mechanism in the next few months to better align token holders and the project.
The Port Finance
Port Finance on Solana is a Decentralized Money Market Protocol. It aims to offer a wide range of loans products such as variable-rate lending, fixed rate lending, and interest-rate swaps. Port Finance’s team brings engineering experience from tech companies like Google, Facebook, and Microsoft, and previously contributed to Solana and Serum. The PORT token can be traded on FTX and Ascendex as well as Gate.io, Serum.io, Raydium, Orca, and Gate.io.