A $25 million funding round for crypto lending startup Compound was led by venture capital firm Andreessen Horowitz’s a16z, according to a new report from Fortune. Other top investors in the round include Paradigm, Bain Capital Ventures, and Polychain Capital.
“Compound is a lending protocol that is open to anyone in the world, that disintermediates banks and allows anyone to earn interest on their money,” said Andreessen Horowitz general partner Chris Dixon regarding the new partnership. “[…] We’ve worked with Robert and his team for over two years and think they are world-class technologists and entrepreneurs.”
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Crypto news: Compound raises $25M from @a16z, plans to bring lending to consumer exchanges and wallets.
Upshot = ordinary people will soon earn interest on their cryptohttps://t.co/V667fujlFB
— Jeff Roberts (@jeffjohnroberts) November 14, 2019
Compound’s funding round follows another a16z-led funding round earlier this month when blockchain-based data storage startup Arweave managed to secure $5 million in funding. Union Square Ventures and Multicoin Capital also participated in the round.