Stanford researcher-led Pledge raises 3M for decentralized lending protocol

Researchers from Stanford University, U.C. Berkeley was a key contributor to the development and operation of the crypto-asset lending platform.
Pledge, a decentralized lending protocol, has raised $3 million to fund its cross-chain ecosystem. This investment demonstrates the innovation in the DeFi sector. The investment round was led and participated by DHVC, a Palo Alto-based venture capital company, and U.C. Ray Wong, a Stanford University community member, and Gary LaBlanc, a Berkeley professor, participated in the investment round. Pledge will raise funds to help it achieve its goal of becoming a leading crypto-asset lending platform. This will eventually open the door for tokenized real world financial assets. Pledge was founded by a group led by blockchain-focused researchers from Stanford University, including Ray Wong, Nicole Chang, Ray Wong, and Torsten Wendl. The protocol was also developed by the previously mentioned professor Gary LaBlanc. Pledge uses Binance Smart Chain to facilitate long-term funding for crypto holders. This is something that the researchers believe has not been addressed in the industry. This protocol allows users to diversify their portfolios by using non-crypto assets, without being subject to interest rate volatility. The protocol is powered with Pledge Tokens (or PLGR), which have a total supply 3 billion. PLGR does not currently have market data. The popularity of DeFi lending markets has increased this year, attracting a lot of new users on the promise that they will provide higher yields and greater access to new markets. Aave is the dominant DeFi lending protocol, but there have been several other protocols launched in the past year, each offering a unique value proposition. According to industry data, DeFi has attracted 2.91M Ethereum addresses. This represents just half of the total DeFi market. Regulators are becoming more concerned about investor protections, and whether certain assets fall within federal security laws. DeFi’s rapid growth has drawn unwanted attention. Cointelegraph reported recently that the United States Securities and Exchange Commission warned cryptocurrency exchange Coinbase about its proposed yield program violating securities laws. Related: SEC and Coinbase: Alex Mashinsky claims that Celsius will need to “wait and see” what happens to fallout

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