DeFi protocol iZUMi Finance raises $22M


iZUMi Finance, a multi-chain decentralized finance (DeFi) protocol, has completed a $22 million funding round. The funds will provide early liquidity to iZiSwap Pro, a startup on-chain orderbook decentralized exchange available on the zkSync Era network.

iZUMi Finance offers Liquidity as a Service, a one-step conversion of one asset into another or cash. In total, around $25.3 million in value is locked in the platform, according to DeFi Llama data. The new iZiSwap Pro product is an automated market maker (AMM)-driven orderbook decentralized exchange that reduces transaction costs and custody risks of similar products on the market, the company says. .

Financing was more complicated than the typical “cash in, equity out” arrangement. The company has issued a semi-fungible token (SFT), the iZUMi zk-Fund, through its strategic partner Solv Protocol. An investor who buys the fund receives his SFT representing his shares in his wallet and becomes an exclusive partner of the fund. Upon maturity, investors can exchange her SFT for principal.

Investors in this round include Unicode Digital, NextGen Digital Ventures, Bella Protocol, Incuba Alpha and others.

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