On-chain credit and yield platform Idle raises $2.4 million in total strategic funding

The on-chain credit and yield platform Idle raised $1.1 million in strategic funding led by the investment firm RockawayX.

Fasanara Digital also participated in the round, bringing Idle's total funding to $2.4 million. The firm plans to use the funds to help further develop on-chain credit infrastructure among other endeavors, Idle Labs CEO Matteo Pandolfi told The Block.

Idle is a decentralized autonomous organization (DAO) providing yield automation and hedging tools for the decentralized finance (DeFi) market, according to a release shared with The Block. The platform amassed $300 million in liquidity and surpassed $2 billion in volume.

"With this business model change, Idle will address the less-than-ideal value proposition and product variation lag that sophisticated allocators, like our credit strategy, have experienced in DeFi over the last years,” said RockawayX Credit Portfolio Manager Adam Bilko.

Idle previously raised $1.2 million in a seed funding round led by Gumi Cryptos Capital in November 2020. Additional investors included Consensys, Quantstamp, TheLAO, Dialectic, BlockRock Capital, Greenfield One, Long Hash, Jack Herrick, Josh Hannah, Qiao Wang and Imran Khan.

Updated July 15 to correct total funding amount and attribution to Idle Labs quote.