BEIJING, CHINA / ACCESSWIRE / August 24, 2020 / Bella Protocol announced today that it has successfully closed a seed funding round of $4 million. Bella is developing Bella Protocol, a one-click aggregator for decentralized finance aimed at accelerating mass adoption. This round of financing was led by Arrington XRP Capital and has attracted investment from many other high-profile investors.
Decentralized finance, or DeFi, has been on a rapid rise since this year. However, the industry is faced with several issues, such as hefty transaction fees, poor user experience, and maze-like user journey interacting with smart contracts. Currently, DeFi users are required to hop between multiple protocols and interfaces in pursuit of high yield.
Bella Protocol is developing an easy-to-use, one-click aggregator, and asset management platform with near-zero transaction fees, that will offer a smooth and more attractive experience for DeFi users. The platform will feature lending and savings portals, along with a Robo-Advisor that will be customizable to the user's profile, considering individual risk exposure.
This round of $4 million funding was led by Arrington XRP Capital, the investment fund started by Michael Arrington, founder of TechCrunch and Crunchbase. Other investors include Alphabit, a leading European venture capital fund, David Namdar, co-founder of Galaxy Digital, Laurenz Apiarius, founding partner of BlockWall Capital, Ben Gorlick, ex-Head of Product at Blockstream, Koi Ventures, Force Partners, RockX, CGS Dubai, N7 Labs, Coinbene, Amedeo Capital, AlphaCoin Fund, Bitblock Capital, BlueHill Capital, Roark Fund, Yunshang Capital, Consensus Labs, and many others.
To assess the scale of the addressable market, Bella has also recently conducted a global DeFi user survey. The results found that there is room for the stablecoin market to grow to up to thirty times its current size and that the DeFi market is currently operating at a penetration level of just one percent. Therefore, there is enormous potential for growth, provided that DeFi can overcome its growing pains.
Bella Protocol is an ecosystem project incubated by ARPA, the renowned privacy-preserving network that uses secure multi-party computation. A branch of this cryptography technology is threshold signature, which can be applied to cross-chain interoperability and asset custody. Bella Proctol is positioned as a strategic move of ARPA's long-term DeFi blueprint, and it will attract its first batch of users from the global ARPA community.
"What Bella is aiming to solve with 1click and flex saving are the three largest barriers to achieving DeFi or crypto mass adoption -- high gas fees, complex user journey, and poor user experience," says Michael Arrington, Founding partner at Arrington XRP. " Bella will eventually bring in the other 99% of the crypto users into DeFi, and even more users into crypto. We bet on teams who have long-term vision, great ability to execute, proven track record, and cross-border capabilities, and Bella team possesses them all."
Bella Protocol's success in fundraising is a testament to the strong potential for the platform's adoption by the ARPA community, and the broader growth opportunities in the DeFi space.
Soon, Bella will launch its first feature, liquidity mining, and confirm the details of an airdrop program of the BEL token for ARPA holders.
About Bella
Bella Protocol is a suite of open finance products, including automated yield farming tools, a lending protocol, a 1-click savings account, customized Robo-Advisor, and more. At Bella, we believe everyone deserves equal access to premium financial products and services with elegant design and smooth user experience.
Bella brings your familiar mobile banking into crypto with just one click. With Bella, you can just simply sit back, watch your asset grow, and leave all the heavy-lifting to secure, automated smart contracts.
Bella's core team consists of serial entrepreneurs and blockchain veterans who have tremendous experience and proven track record in finance, cryptography, blockchain, and engineering.
For updates, visit Bella:
Website: bela.fi
Telegram: https://t.me/bellaprotocol
For press inquiries, please contact: Elliot Ledley elliot@energentmedia.net
SOURCE: Energent Media
View source version on accesswire.com:
https://www.accesswire.com/603116/DeFi-Aggregator-Bella-Protocol-Closes-Multimillion-Dollar-Funding-Round
