DeFi project Bella Protocol raises $4 million in seed funding

DeFi • August 25, 2020, 6:35AM EDT
UPDATED: August 25, 2020, 6:44AM EDT
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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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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