DeFi
DeFi startup Qiro Finance secures $1.2 million in funding
Singapore-based DeFi startup Kiro Finance received $1.2 million in pre-seed funding for its product development, workforce growth, and ecosystem expansion.
Decentralized finance (DeFi) startup Qiro Finance has secured $1.2 million in its pre-seed funding round led by an alliance of Web3 accelerators. The round also saw participation from Escape Velocity, CMT Digital, and entities like Trident Digital and Druid Ventures.
The startup intends to use the new funds for product development, workforce expansion, and ecosystem growth, with the aim of launching its mainnet by the end of 2024.
Founded in 2023, Qiro Finance is a decentralized asset-backed financial lending platform and serves in the B2B space around wholesale lending. It is focused on building a decentralized lending protocol to connect emerging market asset originators (NBFIs) to global investors by leveraging blockchain and stablecoin rails.
It aims to bridge the credit gap prevalent in emerging markets. This gap is attributed to banks’ dominance in the credit market and their risk-averse approach.
Growing interest in real-world assets
Real-world assets (RWA) are gaining traction, signaling a notable shift as traditional businesses seek alternative funding avenues integrated into crypto. This trend not only expands global financing options but also promotes better accessibility, said one of Qiro’s investors.
This comes at a time when the Reserve Bank of India has criticized cryptocurrencies, saying they pose a systemic risk to financial systems. Additionally, a 30% tax on cryptocurrency sales and 1% TDS on crypto transactions above $120 have also been imposed. Taking this into account, India ranks among the top five countries when it comes to P2P peer-to-peer crypto trading.