Gluwa Onboards a Whopping $500k for OpenFi Bond Account
- Gluwa has officially onboarded $500,000 for its newest OpenFi bond account.
- The massive amount was raised in just 24 hours.
- The platform has received over $1.8M since its launch.
The decentralized financial platform Gluwa has managed to onboard $500,000 to the Gluwa Invest Bond Account. The funds will be deployed to finance real-world businesses and infrastructure in under-privileged locations that have a hard time to access funding. At a time when many countries lack appropriate financial infrastructure, Gluwa’s initiative is worth appreciating.
The whopping sun was raised in a mere 24 hours, and from just 23 investors. In return, these investors will obtain a 12% annualized yield for a three months lockup.
Head of Product at Gluwa, Brendan O’Toole, stated that their Bond Account program keeps on growing and exhausting all available allocations almost immediately.
Brendan O’Toole said:
The market clearly has a lot of appetite for stable yield opportunities. The great thing about Gluwa is that it’s based on real world enterprises, and doesn’t care about the ups and downs of the crypto market.
The fintech startup aims to connect crypto liquidity with real-world opportunities (OpenFi). The $500,000 collected is in sUSDC-G, a Gluwa-native wrapper over the USDC stablecoin. This will finance the third loan tranche to JenFi, a financing company focusing on digital-native businesses and startups in Southeast Asia.
The platform has received over $1.8M since its launch and has a default rate of 0%. In addition to the base yield, investors also receive 5 CTC tokens for each $100 invested in this round.
Founded in 2014, Gluwa is a financial platform based in San Francisco. The firm offers non-custodial cryptocurrency wallet, exchange, and investment products. Being a platform with a global presence across US, Canada, South Korea, it has over 2 million users.
The borderless financial institution uses crypto to source funds globally, but is otherwise completely devoted to real-world economic opportunities. Therefore, Gluwa Invest is considered to offer a more stable yield compared to other DeFi protocols in the long-term, and a completely fixed yield in the short term.