Kyoko provides P2P lending to NFT platforms, DAO-to-DAOs and GameFi guilds.
Kyoko.finance, a GameFi non-fungible token (NFT) lender and provider of DAO-to-DAO credit, has raised $3 million in its private funding round.
The platform, which is also targeted at resolving challenges facing the GameFi space, such as ballooning 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 credit lending
Steve Hopkins, the head of investor relations at Kyoko, said the demand for blockchain-based credit lending was high. He added that this is already a multi-trillion dollar industry, noting that Kyoko’s expertise and resources are critical in seeing the services offered to blockchain-based institutions.
The company hopes to use the funds to expand its credit lending facility as they work towards tapping into a relatively new and “untapped opportunity,” Hopkins added.
Commenting about the funding round, Animoca Brands co-founder Yat Siu said the company “is keenly aware” of how valuable credit providers like Kyoko are to the blockchain ecosystem and open metaverse.
Going forward, Kyoko hopes to get into more partnerships with DAOs, gaming platforms, and guilds.