Upcoming Indian DeFi project Unilend Finance raises $3.1M in its Seed and Private Sale funding round. The funding was led by Woodstock Fund, Signal Ventures, 3Commas, Danish Chaudhry (Head of Bitcoin.com Exchange), Jay Putera (Partner at CryptoBriefing.com), TRG Capital, BTC12 Capital, AU21 Capital, Youbi Capital, TomoChain, Bidesk, Bibox, Tenzor Capital, and Sandeep Nailwal (Co-founder of Matic Network).
UniLend (UFT) public token distribution event and platform launch is expected to take place in October. According to UniLend, early community members will also get the chance to secure some UFT token for their support. Details on UFT public sale is expected to be announced soon by the team.
UniLend is one of the awaited project from India which is founded by the team working in the crypto space from long time. UniLend is founded by Chandresh Aharwar who is ex-Matic Network (Strategy & Marketing). Apart from him, team includes Suryansh Kumar as CTO (co-founder, Metatransact), Tarun Malik as CPO (co-founder, Metatransact), Viashal Gupta as DevOps Engineer (ex- DevOps Engineer, Matic Network) and others. Advisor includes Ravindra Kumar who is Founder & CEO at Frontier Wallet.
UniLend Finance is a permission-less decentralized protocol that combines spot trading services and money markets with lending and services through smart contracts. UniLend will enable usage of any ERC20 token as collateral for lending & borrowing, aso list any ERC20 token permission-less. Using UniLend a user can lend, borrow, trade, provide liquidity and earn the governance token UFT.
With all the DeFi hype going around the corner and many other Indian project lined up for the launch, it will be really interesting to see how UniLend contributes to this DeFi ecosystem.