Quick take:
- The funding also attracted participation from Zee Prime Capital, Fintech Collective, Big Brain Holdings, and Protocol Labs.
- This was Multicoin Capital’s first investment in a Filecoin-based Project.
- The fundraising was done using a simple agreement for future equity (SAFE) with token warrants.
Liquid staking protocol Glif has completed a $4.5 million seed round led by Multicoin Capital. The fundraising also attracted participation from Zee Prime Capital, Fintech Collective, Big Brain Holdings, and Protocol Labs.
The fundraising was completed using a simple agreement for future equity (SAFE) with token warrants, which gives investors the right to receive equity from Glif after certain conditions are met.
According to the announcement, this was Filecoin’s first investment in a Filecoin-based project. Filecoin offers a decentralised storage data marketplace, protocol and cryptocurrency, thus playing the role of a store of value for Web3 projects.
Glif has been one of the long-standing projects in the Filecoin ecosystem, offering a “liquid leasing” setup that allows holders of Filecoin “gas” tokens to earn yield on their staked tokens.
The company plans to use the fresh capital to expand its liquid-bearing token iFIL as it looks to grow the protocol to 100 million FIL tokens deployed. “Our goal is to get to 100 million FIL deployed to storage providers in a couple of years,” Glif’s founder and CEO, Jonathan Schwartz said in a statement.
Glif also plans to use some of the funds in security research, according to a post shared on the company’s official X account.
According to information obtained from the Glif Website, the protocol has more than $113 million in assets locked, generating an APY of more than 10%. The platform also claims to have paid more than $1.7 million in rewards.
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