Port Finance Raises a $5.3m Strategic Round To Offer Fixed Rate Lending on Solana

Port Finance, the Solana-based lending protocol with the vision of bringing a whole suite of interest rate products to DeFi users, has raised $5.3M in its latest strategic funding round. The round is led by Alameda Research with participation from Spartan Group, Brevan Howard, and A41. Port Finance’s list of existing investors also includes Jump Capital, Solana Foundation, GSR, and Defi Alliance. Port Finance was the first to launch a variable rate lending product on Solana’s mainnet in July 2021. The platform now supports 13 different assets from the Solana, Ethereum, Terra and Bitcoin network and previously reached a total value of over $300M in assets locked on the platform. With the latest round of funding, Port Finance will extend its current product offering to fixed-rate lending and interest rate swaps. The latest Port Finance product, Sundial, came live last week and was the first to offer fixed-rate lending on the Solana blockchain starting with USDC. “We are excited to see Port Finance build a fixed-rate lending product leveraging the Serum orderbook”, says Alameda Research. ‘’Fixed-rate lending is a huge untapped opportunity in DeFi. In traditional finance, fixed-rate lending is 25 times that of variable rate lending. We expect to see fixed-rate lending grow exponentially in DeFi,’’ says GW, Co-Founder of Port Finance. “Institutional investors have expressed interest in borrowing USD against their token holdings at ...