APY.Finance raises $3.6 million in seed funding

Decentralized finance (DeFi) yield farming aggregator, APY.Finance has raised $3.6 million in seed funding.

The round saw participation from several investors, including Alameda Research, CoinGecko, Arrington XRP Capital, Cluster Capital, and among other prominent DeFi thought leaders, including Santiago Roel Santos (Parafi Capital) and George Lambeth.

The proceeds will go to accelerate the development of the platform, perform smart contract audits, and also secure insurance for risk coverage.

The team is planning Alpha launch in October ‘20 with the aim to bring more users to the DeFi landscape by making yield farming easily accessible to customers:

1. DeFi novices who are overwhelme with the options available and the learning curve required.
2. Traditional institutional investors that want exposure to yield farming without all of the DD needed (APY Robo advisor does the risk assessment).

Founded in April 2020, the firm believes the DeFi trend has just begun and with new protocols on the rise, the DeFi landscape has increasingly become complex. By using the APY.Finance platform, users are able to manage multiple strategies and earn optimal risk-adjusted yields with a push of a button. 

Yield farming today presents users with a high barrier-to-entry, cost, and risk. APY solves these pain points by giving users a low-cost frictionless way to pool their liquidity and allocate it across a portfolio of strategies that optimizes for risk-adjusted yield. 

by APY CEO Will Shahda.

At launch, the APY.Finance protocol will support Maker lending protocols and will expand to support other strategies, including Uniswap, Compound, Balancer, Synthetic, PieDAO, and Jarvis, among others.

APY.Finance will also have its native token called APY, to use for governing protocol’s system parameters such as fees, risk score, and change or add new strategies. The public sale of APY tokens is in the month of October.