Beijing-based decentralized finance (DeFi) project Bella Protocol has raised $4 million in seed funding.
The round was led by Arrington XRP Capital, with participation from several other investors including Consensus Labs, Alphabit, Coinbene, and Galaxy Digital's David Namdar.
Bella Protocol is building different DeFi products, including 1-Click savings account, lending protocol and automated yield farming tool, to increase DeFi user base. "A majority of crypto holders cannot participate in DeFi due to high gas fee, slow speed, and poor user experience. 1-Click allows users to simply deposit and enjoy high yield from sophisticated arbitrage strategies, either on-chain or via our custodian service," said Bella Protocol.
The protocol is incubated by blockchain project ARPA. Its lending platform is scheduled to launch later this year and 1-Click product in Q1 2021. "We expect 1-Click to be...similar to Amazon's 1-Click ordering system, and to bring 10x more users to the DeFi space," said Bella Protocol.
The protocol would also have its own governance token called BEL, with a total supply of 100 million.