Polychain, Foxconn’s Jack Lee Join 8-Figure Round for ‘Open Finance’ Project Findora

Polychain Capital founder Olaf Carlson-Wee speaks at Consensus 2019. (CoinDesk archives)

Cryptocurrency venture capital firm Polychain Capital has led an eight-figure funding round for decentralized finance (DeFi) blockchain project Findora.

Announced Wednesday, the private funding was joined by notable investors including Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee, founding partner of Foxconn’s financial platform FNConn.

The investment amount was not disclosed but was in the “tens of millions,” a spokesperson told CoinDesk via Telegram.

Related: OKCoin Debuts CeFi-DeFi Mashup With Portal for Stablecoin Deposits

The project aims to flesh out DeFi infrastructure for users looking to prove a particular value without needing to disclose the exact details of a given transaction, or the identity of the parties involved. The project describes itself as a “cryptographically transparent public blockchain for building decentralized financial applications.”

The project utilizes zero-knowledge proofs, accumulators and Pederson homomorphic commitments, among other techniques, to enable “privacy-preserving transparency.”

Bank of Asia and Chinese internet giant Tencent are among the list of partners leveraged by the project to gain a wider reach within international markets. According to a press statement, the project was designed in order to fix “many of traditional finance’s pain points.”

See also: KeeperDAO Raises Seven-Figure Seed Investment From Polychain, Three Arrows

Related: DeFi on Bitcoin Gets a Boost as Sovryn Launches on RSK Sidechain

The Findora Foundation said DeFi has been one of the “key focus areas” for the budding project and claims to solve issues such as a lack of financial inclusion around the world, overcollateralization and a lack of interoperability and scalability.

Founded in 2017 at Stanford, Findora is backed by the research of academic institutions and Stanford cryptographers. In mid-2019, the project took on former Coinbase CTO Balaji Srinivasan to help guide its path as a strategic adviser.

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