Dharma Labs startup, which is developing a decentralized lending platform for cryptocurrency traders and investors, raised $ 7 million in a round of financing, which was led by Green Visor Capital, CoinDesk reported.
The company was also supported by Coinbase Ventures, Polychain Capital, Y Combinator and Passport Capital.
The first product of a startup, Dharma Level, is in the final stage of alpha testing. Its stated goal is to simplify and cheapen the process of obtaining a loan secured by digital assets.
At the same time, Dharma Level operates with smart contracts, so loans are issued without the need for trust between the parties.
Representatives of a startup argue that their product offers more favorable conditions for margin trading in cryptocurrencies than Bitcoin exchanges. Moreover, traders will not need to use third-party extensions, since the Dharma Level interacts directly with the wallet.
Attracted investments, added to the company, will be used to expand the development team.