Vietnamese DeFi startup Rikkei Finance raises $5.6 mn to build Open Lending platform
By Pavithra R
Vietnamese DeFi startup Rikkei Finance offering a unique Open Lending System with core features: Cross-chain support, NFTs collateralization, and Insurance has announced raising initial funding of $5.6 mn.
The FinTech has received funding from reputed investors in the blockchain industry, including HyperChain Capital, Kyber Network, Signum Capital, PNYX, X21digital.com, LD Capital, Tomochain, Kernel Ventures, Trade Coin VietNam, Coin98, Kyros Ventures (Coin68), YBB Foundation Limited, Ark Stream Capital and Inclusion Capital.
Rikkei Finance has attracted powerful names to its main team. The company was founded by Dang Thai Hoa and Vu Thanh Tung. Its main Advisor is John Ng Pangilinan, who is a managing partner at Signum Capital and Luu The Loi, who is the CEO of Kyber Network. These two companies also helped secure Rikkei’s new financing.
“I have been privileged to be part of Rifi’s roadmap; from its conceptualisation to the development of Rikkei Finance Protocol. Rifi has continuously forged ahead, despite the overarching, global economic conditions. Hence we have participated in its fundraise because we believe in endorsing the future of Rikkei Finance. With every investment decision, it comes with the need to balance risks and returns, Rifi prioritises the importance of reducing users’ risk profiles whilst optimising sustainable investment returns. This was made possible, with the collaboration of an insurance protocol,” said ohn Ng Pangilinan – managing partner at Signum Capital
The vision of the RiFi team is to build a very safe, solid and convenient protocol that makes lending easy and secure. Its multi-kinked interest rate model makes the lending platform robust and sustainable. The protocol lowers the interest rate to increase borrowing incentives and to encourage more people to step forward providing digital assets to lending, the platform rewards suppliers with RiFi tokens.
The firm is using decentralised technology to innovate on old ideas like money lending, credit, and even insurance. Its platform utilizes blockchain tech that enables cross-chain integration, which makes it possible to accept digital assets that operate on any blockchain network and render it at an equivalent rate, making them a real-time currency exchange network as well. The team is already looking into new digital asset collateralization as well, including NFTs.