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GameFi Platform Kyoko Raises $3M Funding Round

 


Kyoko provides P2P lending for NFT platforms, DAO-to-DAOs, and GameFi guilds.


Kyoko.finance, a non-fungible GameFi Token (NFT) lender and DAO-to-DAO lending provider, has  raised $3 million in its private funding round.


The platform that also aims to solve challenges in the GameFi space, such as: B. rising costs, said the round was led by Hong Kong-based venture capital Animoca Brands.


Participants included Infinity Ventures Crypto, Morningstar Ventures, NGC Ventures, Momentum 6, BlockchainSpace and Kliff Capital.


Addressing blockchain demand for lending

Steve Hopkins, head of investor relations at Kyoko, said demand for blockchain-based lending is high. He added that this is already a multi-trillion dollar industry, noting that Kyoko's expertise and resources are critical to seeing the services offered to blockchain-based institutions.


The company hopes to use the funds to expand its lending facility as they work towards capturing a relatively new and "untapped opportunity," Hopkins added.


Yat Siu, co-founder of Animoca Brands, commented on the funding round and said the company is "very aware" of the value of lending providers like Kyoko to the blockchain ecosystem and Open Metaverse.


Kyoko hopes to partner with other DAOs, gaming platforms, and guilds in the future.

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