Another week, another $1B+ for NYC startups across 14 deals. NYC Tech News for the week ending 12/4 featuring news for Life House, Mondrian Labs, Massive, and much, much more.
After much anticipation, we are beginning to see real-world use cases for the blockchain as it transitions from abstract, theoretical concepts into practical applications that have the potential to change the standard order. The promise of decentralizing finance by uncoupling transactions and activity from legacy banks to the public via blockchain is driving innovation towards a more efficient system that’s inclusive and not riddled with predatory fees. Algofi is building a fast, low-cost decentralized lending market on the blockchain using the Algorand blockchain. The company, founded by two colleagues at Citadel, believes their platform will be able to offer transaction fees for less than $.01 as compared to $15 for other providers. Crypto depositors can earn high-yield rates on their funds while borrowers can easily access funds with competitive rates for their trading needs. Algofi plans to launch its lending and stablecoin protocol on the Mainnet later this month and introduce new banking features next year as it moves towards becoming a full crypto-native digital bank that’s completely decentralized. AlleyWatch caught up with Algofi Cofounder John Clarke to learn more about the decentralized finance and companies like Algofi are driving a catapultic shift that will redefine finance as we know it, the company’s strategic plans, the emergence of Brooklyn as an enclave for Blockchain innovation, the company’s recent round of funding from investors that that inclue Union Square Ventures, Arrington Capital, Pillar VC, Y Combinator, Formulate Ventures, and Shine VC.
5 new early-stage deals representing $45M in capital for NYC startups to start off the month. The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 12/1/2021 featuring funding details for Pepper, Algofi, and much more.