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§ Private Profile · Majuro, NA - Marshall Islands, Marshall Islands
DeFi protocol offering capital-efficient lending, liquid staking, and unified liquidity for DeFi users across multiple blockchains.
Based in Milan, Italy, Folks Finance develops decentralized finance infrastructure that provides capital-efficient lending, liquid staking, and unified liquidity solutions across multiple blockchain networks. The protocol initially established itself as a leading decentralized application on the Algorand network before expanding its architecture to support both EVM and non-EVM ecosystems like Avalanche. This multichain pivot addresses broader network isolation issues by enabling seamless cross-chain interoperability for cryptocurrency enthusiasts and institutional liquidity providers. To date, the organization has raised $6.2 million in venture capital funding through investment rounds led by Borderless Capital, alongside participation from Coinbase Ventures and OKX Blockdream Ventures. The platform operates a protocol-based business model, generating revenue from its core services while utilizing its proprietary FOLKS token to facilitate decentralized governance and drive ecosystem growth. Folks Finance was founded in 2021 by Benedetto Biondi.
Folks Finance has raised $6.2M across 2 funding rounds.
Folks Finance has raised $6.2M in total across 2 funding rounds.
Folks Finance is a non-custodial, community-driven DeFi protocol that builds a cross-chain platform for lending, borrowing, staking, swapping, and trading digital assets across multiple blockchains like Algorand, Avalanche, Ethereum, Arbitrum, Base, and BNB Chain.[1][2][3][5][6] It serves DeFi users, liquidity providers, and developers seeking efficient financial tools without centralized risks, solving liquidity fragmentation by enabling deposits on one chain and borrowing on another via its xChain app, while bridging DeFi with traditional finance (TradFi) through real-world assets (RWA) and on/off ramps.[1][2][3] Growth has been strong since its 2022 mainnet launch, with over 15,000 monthly active wallets, peaks of $220M–$400M TVL, 200K+ users, and a $3.2M Series A in 2024 to expand multichain capabilities.[2][3][5]
Folks Finance emerged in 2021 with a $3M seed round backed by investors like Borderless Capital, Jump, Parafi, and Coinbase Ventures, launching mainnet on Algorand in April 2022 under co-founder and CEO Benedetto Biondi, who brings deep DeFi and blockchain expertise.[3][5] The idea stemmed from addressing the interoperability gap between DeFi and TradFi, starting with Algorand-focused tools like lending, borrowing, and the innovative Algo Liquid Governance (gALGO) in July 2022 to enable liquid staking for governance rewards.[1][5] Pivotal moments include expanding to cross-chain via xChain in 2022–2024, inventing Lending Pools in 2023 for capital efficiency, launching Folks Router DEX aggregator and Ultraswap, reaching 9,000+ monthly users and $170M+ TVL by end-2023, and securing Series A funding in 2024 amid rapid adoption.[2][3][5]
Folks Finance rides the multichain DeFi wave and RWA tokenization trend, unifying fragmented liquidity across isolated ecosystems like Avalanche, Ethereum, and Algorand to scale DeFi's reach toward TradFi adoption.[1][2][3] Timing aligns with post-2022 maturity in interoperability tech (e.g., Chainlink CCIP), rising demand for efficient cross-chain yields amid high Ethereum fees, and Algorand's low-cost foundation, positioning it as a leader in non-EVM expansion.[2][3][5][6] Market forces like TVL growth to $400M+ and 15K+ active wallets amplify Algorand's ecosystem while influencing broader DeFi through innovations like liquid governance and lending pools, activating dormant capital and setting standards for accessible, secure multichain finance.[3][5]
Folks Finance is poised for explosive growth with its November 2025 $FOLKS token launch, Season 1 airdrop, Folks Mobile app, xChain V2 featuring new liquid staking tokens (xALGO), expanded EVM/non-EVM integrations, and institutional products.[3] Trends like deeper RWA adoption, community governance (2026+), and more chain bridges will shape its path, evolving it from Algorand's top protocol to a DeFi interoperability standard amid multichain consolidation.[2][3] As liquidity fragmentation fades, Folks Finance's efficient, user-centric hub will likely cement its influence, bridging DeFi's potential to everyday and institutional users—just as its origins envisioned a seamless DeFi-TradFi world.[1][2]
Folks Finance has raised $6.2M across 2 funding rounds. Most recently, it raised $3.2M Series A in November 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 14, 2024 | $3.2M Series A | Borderless Capital | — | Announced |
| Jan 1, 2022 | $3M Seed | Borderless Capital | CrunchFund, DecentraNet, Divergence Ventures, Fmfw.io, Galaxy Digital, Hack VC, Majinx Capital, Monday Capital, Republic Capital, Scout Ventures, Symbolic Capital, Tomahawk.vc, Wave Financial, Adam Back, Alex Pack, Brad Yasar, Craig Sellars | Announced |
Folks Finance has raised $6.2M in total across 2 funding rounds.
Folks Finance's investors include Borderless Capital, CrunchFund, DecentraNet, Divergence Ventures, FMFW.io, Galaxy Digital, Hack VC, Majinx Capital, Monday Capital, Republic Capital, Scout Ventures, Symbolic Capital.