DeFi platfrom Defactor is the latest recipient of Algorand Foundation Grant

The Algorand Foundation has announced a partnership and collaboration with Defi platform Defactor, naming Defactor as the recipient of a grant that will allow the platform to develop a suite of DeFi  products on Algorand.

As outlined in a press release, the partnership will see Defactor develop a suite of DeFi products that will include Defactor’s Algorand NFT Collateral Engine, Liquidity, and Staking pools, and fundamentally enable Defactor to continue their mission to bring traditional businesses to DeFi. The project is set to be delivered over three phases in 2022.

Defactor provides a decentralised platform that allows real world assets to be financed with DeFi liquidity. In June last year, Defactor raised $1 million within two weeks of entering the market, with backers including Sors Digital Assets, co-founder and chief operating officer of Centrifuge Martin Quensel, Megala Ventures, 6K Starter, BoostX, BlockMint, Dutch Crypto Investors, Decentral, Creation Ventures, ConsolFreight and Atom CTO.

Alejandro Gutierrez, the Operations Lead and Co-Founder at Defactor, shared his thoughts on the grant, noting:

"We are honored to have received this grant from such an innovative and respected organization such as the Algorand Foundation.  This grant further validates our mission at Defactor – to bring traditional businesses to DeFi – and we look forward to working to help expand their ecosystem". 

Commenting on the partnership, Jason Lee, COO, Algorand Foundation, also added:

"We’re excited to partner with Defactor to simplify the process for asset originators and make it easy to access DeFi liquidity. We’re delighted to welcome Defactor to the Algorand ecosystem and look forward to our partnership bridging the gap between TradFi and DeFi". 

The Defactor platform’s vision of providing an easy-to-use solution for asset originators looking to access trade finance will be enhanced by the partnership with Algorand’s  public, permissionless, pure proof-of-stake blockchain. Defactor will also continue its collaboration with the Algorand Staking Algo-Factr pool where Algorand token holders can  earn $FACTR tokens. 

The Algorand Foundation’s mission to enable an inclusive, decentralized, and borderless global economy is delivered through various programs such as hackathons, developers programs, resources and the famous grants program. As the Algorand Foundation’s latest grant recipient, and as a cross-industry disruptor, Defactor looks set to continue to revolutionise the way TradFi and Defi interact.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.