While the cryptocurrency space’s growth continues to make headlines, the young DeFi space is also growing. The past few months have seen the growth and uprising of several DeFi platforms and Protocols, as the demand for many of these Protocols continue to be on the rise. However, what has been more pertinent in the DeFi space, has been series of funding, which has helped many of these platforms thrive. Fortunately for Saffron, a DeFi risk management protocol, it has now confirmed that it has raised about $2.5 million in a new series of funding led by Coinbase Ventures and other Venture Capitals.
Saffron’s importance to DeFi Investors can not be underestimated
In the DeFi Protocol’s press release, it has now confirmed that Venture capital firms like Dragonfly Capital have joined Coinbase Ventures and others to help raise these funds for their developments. Due to the typical nature of many DeFi platforms’ businesses, Saffron’s service seems to be already a highly demanded one in the DeFi space.
The risk management Protocol launched last November and has since helped investors choose the risk level appetite when lending cryptocurrency in the DeFi space. Hence, Saffron’s prominent role for its users is by enabling them to determine the difference between the levels of risk they are about to take after proper evaluation by the DeFi Protocol.
A typical example of Saffron’s services also includes helping their users classify risk to bring them either small or great rewards. Like investments, most high rewards investments fall under high risk, and most low reward investments are typically classified under low risk. The services rendered by Saffron, according to its developers, have seemed to pave the way for many new investors into the DeFi Space. The general belief around the Protocol is that, since it helps investors classify risk, the investors are rest assured around risk issues.
Time to get to work
According to the Saffron project developers, the new funding helps in the creation of more innovative products tailored towards the rising demands of many DeFi investors. In the developers’ press release, they explained that while they are helping DeFi investors and other protocols manage risk, there is also a provision by the Protocol that helps traditional finance systems that do not want to get exposed to crypto cover their risks.
The developers also expressed their delight that investors like Coinbase Ventures, Dragon Capital, Multicoin capital took a chance on them by partaking in the recent funding. It is also worthy to note that top crypto individuals like Meltem Demirors, Chief Strategy Officer of Coinshares, and the CEO of CoinMarketCap, Brandon Chez were also one of the few who partook in the funding. However, while the funding is complete, the expectations of many inside the DeFi space will be for Saffron to get things started immediately, much to everyone’s delight in the space.