Bangladeshi entrepreneur Affine received an investment of Tk 55 core
Decentralized finance startup Affine Protocol has received an investment of USD 5.1 million, which is equivalent to around Tk 55 crore in local currency. Bangladeshi Tariq Adnan Moon is the founder of this startup.
Tariq Adnan Moon told Prothom Alo that their biggest investors in this seed round are two well-known American venture capital firms Hack VC and Jump. Investors also include Circle Ventures, Coinbase Ventures, Propel VC among others.
Affine’s main goal is to simplify the process of monetizing blockchain-based assets. Tariq Adnan said that they are working to make decentralized finance available to 10 crore block chain users. They want to move forward with this goal using an investment of 51 million dollars. Affine app is built using the popular Ethereum and Polygon blockchains. Users can easily store their dollars as well as other blockchain-based assets through the app. The app makes the saving process simple and transparent.
Many new protocols and apps have been added to decentralized finance over the past three years. Practical complications have also increased. As a result users face a lot of risk and confusion. Tariq Adnan said that Affine is working to eliminate these complications.
Jayanthi Kanani, founder of the popular layer-to-block chain Polygon and one of Affine’s investors, said that new chains are being added to decentralized finance every day, which are difficult for ordinary users to use. Affine is a nice solution in this case.
Due to lack of transparency and fraud, the blockchain industry is very challenging right now. Added to that is the fear of global economic recession. Tariq Adnan said market volatility and fraud have made the process of making a profit in decentralized finance opaque and scarce. It is very difficult to solve this problem and provide good profit to the users. He said that UniSwap, one of the world’s largest decentralized exchanges, charges more than $1.5 million in fees from users every day due to high risk. But they have lost more than 10 million dollars in the last one year.
Affine automates the process of monetizing these block chain-based assets through the use of AI and bots. This system protects the user from loss due to decline in asset value. Such arrangements have so far been reserved only for hedge funds and large banks or institutions. As a result only they could benefit from such a system. Affine is working to create equal economic opportunity for all by making this process accessible to all.
Affine received $1.8 million in pre-seed funding last year. Efine launched in July 2020 in San Francisco, USA. Currently their head office is in New York. The Affine team works with Bangladeshi and American talent living in the United States. Affine’s products are completely open. Currently users are investing 2 million dollars through the app.
