Crypto DeFi startup Peko Protocol has recently closed a $700K private fundraising round ahead of its mainnet launch. The round included investment from 12 angel investors, all with prominent tech firms and venture capital entities within the web2 and web3 industries. The seed round funds will accelerate Dapp development, expand the core team, and scale operations to meet the increasing service demand.
“Our team couldn’t be more grateful that many renowned industry leaders have enthusiastically embraced PEKO’s groundbreaking approach to calculating the collateral factor using the user’s credit score,” said John Reno, co-founder and CEO of Peko Protocol. “Their experience and resources will be valuable as we continue to grow and scale our business to provide more revolutionary solutions to Web3 users.”
About Peko Protocol
Peko Protocol is a decentralized, transparent and non-custodial lending protocol built for layer2 chains where users can participate as lenders or borrowers in isolated lending pools. Peko Protocol aims to build high-velocity markets for more traditional crypto-asset lending services; with one unified margin account, users can earn interest on deposits, and borrow from shared liquidity pools against collateral.
Peko Protocol also introduced a groundbreaking CF calculation approach named Dynamic Collateral Factor Mechanism (DCFM). Unlike traditional methods that rely solely on asset liquidity, DCFM considers an additional crucial factor—the user’s credit score. Peko Team believes that a borrower’s creditworthiness should be considered when determining the collateral factor, as it reflects their ability to repay their debt on time. By incorporating the user’s credit score, DCFM encourages responsible borrowing behaviour and rewards users who demonstrate prompt repayment.
As a result, the collateral factor becomes a dynamic metric that adapts to the borrower’s financial history, allowing for a more accurate risk assessment. With DCF, Peko Protocol aims to provide a fair and inclusive lending environment, empowering users to unlock greater opportunities while fostering a more robust and resilient decentralized financial ecosystem.
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- Source: https://zycrypto.com/peko-protocol-has-successfully-closed-a-700k-private-round-fundraising/
