Fortunafi announced raising $9.51 million in total funding and also unveiled its new stablecoin protocol called Reservoir.
Fortunafi, a real-world asset tokenization platform, announced raising $9.51 million in strategic and seed funding rounds and also unveiled its new stablecoin protocol called Reservoir.
The latest strategic funding round, worth $3.16 million, closed last December, and the seed round, worth $6.35 million, closed in October 2021, but both rounds are officially being announced today, Fortunafi founder and CEO Nick Garcia told The Block. Last December, it developed its own proprietary tokenization platform called Tokenized Asset Protocol as part of its move away from Centrifuge, Garcia said. TAP is a cross-chain tokenization platform where users can mint real-world assets natively on several Layer 1 and Layer 2 networks.
As a stablecoin protocol, Reservoir will offer users various yield-bearing products backed by digital and real-world assets. "Reservoir exists to offer highly attractive yields such that users reap the benefits of DeFi across various decentralized protocols where only a wallet and an internet connection are needed," Garcia said.
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