Startup Dharma Labs, which is developing a decentralized lending platform for cryptocurrency traders and investors, raised $ 7 million in a round of financing, which was led by Green Visor Capital, CoinDesk reports.

As the newspaper notes, the company was also supported by Coinbase Ventures, Polychain Capital, Y Combinator and Passport Capital.

The first product of a startup, Dharma Level, is in the final stage of alpha testing. His stated goal is to simplify and cheapen the process of obtaining a loan secured by digital assets.

At the same time, Dharma Level operates with smart contracts, so loans are issued without the need for trust between the parties.

Representatives of a startup argue that their product offers more favorable conditions for margin trading in cryptocurrencies than Bitcoin exchanges. Moreover, traders will not need to use third-party extensions, since the Dharma Level interacts directly with the wallet.

Attracted investments, added to the company, will be used to expand the development team.

Earlier, BlockFi startup, specializing in lending on the security of cryptocurrency assets, raised $ 4 million from Akuna Capital, Galaxy Digital Ventures, Morgan Creek Digital, Susquehanna Government Product and Devonshire Investors. Then they were joined by Coinbase Ventures.

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