finbold.com
iZUMi Finance, a Liquidity-as-a-Service (LaaS) decentralized finance (DeFi) protocol, has made public their announcement that they have successfully completed a fundraising round totaling $22 million.
This funding will be put to use to support the early liquidity of the company’s on-chain Order Book DEX (Decentralized Exchange) product, known as iZiSwap Pro, which will run on the zkSync Era network, according to the latest information shared with Finbold on April 27.
Unicode Digital, NextGen Digital Venture, Bella Protocol, Incuba Alpha, and other investors contributed to this funding round, which is the biggest piece of financing news in the zkSync Era ecosystem.
In this new round of funding, iZUMi Finance has used a creative fundraising technique. iZUMi, with the help of its strategic partner Solv Protocol, released their “iZUMi zk-Fund” using Solv V3, the most recent iteration of Solv Protocol’s paradigm protocol.
iZUMi zk-Fund
Semi-fungible tokens (SFTs) like “iZUMi zk-Fund” are digital assets based on Solv’s original ERC-3525 token standard. When an investor buys into the fund, they become Limited Partners (LPs) and get a new SFT in their wallet that represents their investment.
Like non-fungible tokens (NFTs), these SFTs have a cover picture and can be easily calculated using standard ERC-20 Token software. The dashboard provides investors with a comprehensive view of key metrics such as PnL and NAV in real time. SFT principal is due to LPs at maturity and may be redeemed at that time.
iZUMi Finance will use the funds from this round of funding to facilitate the early liquidity of zkSync Era’s iZiSwap Pro on Ethereum’s Layer 2.
Centralized cryptocurrency institutions and services were shown to be vulnerable and opaque in 2022. As a result, the crypto sector has been advocating for a trustless, decentralized, and open alternative to the too-big-to-fail centralized institutions.
As an industry trailblazer, iZUMi Finance is committed to decentralization and optimistic about blockchain technology’s ability to make financial services available to anyone everywhere, not only to crypto consumers.