P2P cryptocurrency exchange, CryptoLocally, recently closed a private funding round for their native token, GIV. The round was led by Alameda Research (owner of FTX, Serum), IOSG Ventures, NGC Ventures, Genesis Block, 3Commas, Smile Research and One Block Capital. They also found early support from Binance and TRON. The recent private sale round was estimated to be oversubscribed by around 30x.
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CryptoLocally is building the easiest and most accessible fiat gateway to blockchain and DeFi. The platform has been designed with ease-of-use in mind so that anyone can gain access to these technologies.
DeFi Made Accessible, Finance Wallet
CryptoLocally’s Finance Wallet allows users to earn interest on their digital assets through a simple set-up process. There is no need to install or use any third party software. Users can earn interest in just two simple steps:
- Deposit/buy crypto into the Finance Wallet
- Toggle on the button to start earning interest
So far the feature allows users to earn interest on GIV, USDT, DAI, ETH, and USDC, but the team plans to add more cryptocurrencies to the feature soon.
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Building a complete cross-chain DeFi ecosystem powered by CryptoLocally Vaults (CLVs) and GIV
Finance Wallet v1 uses Compound in order to generate interest for its users, but Finance Wallet v2 and v3 will come with significant upgrades while the simple UI remains the same. With v2, users will be able to earn risk-adjusted, optimal yield through yield farming smart contracts on Ethereum. CryptoLocally plans to integrate some of the most promising yield aggregators such as idle.finance, which utilizes lending protocols including Compound, Fulcrum, dy/dx, Aave, and Maker, in order to increase yield based on risk tolerance and strategy. They will also increase the total potential APY earned for each user by adding GIV staking rewards based on how much they stake into the CLVs. V3 will scale this model further with yield optimizing smart contracts deployed on Tron, Binance Chain, EOS.IO chains, and Solana, which will open up whole new yield opportunities for users, all in one place. By doing so, CryptoLocally will have a gateway to a complete ecosystem around DeFi for both retail and enterprise users, anchored by its native GIV token.
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