YIELD has succeeded in raising just under $4.9 million in funding for its project.
YIELD is a new platform that is breaking into the decentralized finance (DeFi) space. The new banking platform is aimed at reducing the steps through which one can enter into the world of decentralized finance. YIELD bills itself as a DeFi banking platform that “bridges traditional and decentralized finance, by offering high-return investment funds that don’t rely on unstable national currencies or pure speculation.”
With the $4.9 million in funding, several aspects of the project will be supported. Proceeds from the funding will be put into continuous support of the working capital. Also, funding will be used for improved development of the system for portfolio management, growth, marketing, and additional licenses.
Breakdown of the Funding
The funding was raised through different sources. $3.4 million was raised by private investors. The various private investors that are supporting YIELD include Digital Strategies, Alphabit Fund, Yeoman’s Capital, PALCapital, and Chronos VC.
The remainder of the funds raised are as follows. On the 7th of December, $1.2 million was gathered in 12 hours through a partnership with TrustSwap. This partnership resulted in a pre-sale of the utility token of the platform ($YLD). Investment platform BnkToTheFuture brought in the remaining $297,000, which brought the total amount of the funds raised to just below $4.9 million.
BnkToTheFuture CEO Simon Dixon said the company made the decision to invest in YIELD as it has a “well-structured company” behind it.
Overall, the maximum supply of YLD tokens is 300 million. There is an initial circulating supply of roughly 33.3 million tokens. Of that amount, one million has been stored to give out as staking rewards, four million were designated for marketing and liquidity, 26 million were distributed to investors, and two million went to BitMax and company reserves.
The project team has revealed that YIELD possesses a restricted banking license and trust management license from the Mwali International Services Authority. Mwali is an autonomous island that is part of the Union of the Comoros located in the Indian Ocean. There are three major islands making up the Union of the Comoros, and Mwali is the smallest of them.
With YIELD, users will be able to earn returns when they invest in DeFi products. YIELD also plans to simplify the expensive learning process related to the DeFi space. Additionally, the project will launch an app soon which will be available on both Android and iOS.