TrustToken builds TrueFi, a DeFi protocol that offers unsecured, collateral-free loans powered by on-chain credit scores. The protocol has originated over $200 million in uncollateralized loans since November 2020 and has paid $1.7 million to lenders, with no defaults to date. TrueFi aims to scale capital-efficient lending by improving on-chain credit and expanding access for credit-worthy borrowers. The company plans to use new funding to hire engineering and business staff, expand operations, and diversify its treasury. TrueFi has also facilitated DeFi’s first uncollateralized loan and counts protocol borrowers among its ecosystem participants. TrustToken is a San Francisco-based platform that leverages blockchains to create asset-backed tokens. Its first product, TrueUSD, is a stability-focused cryptocurrency, with each TrueUSD redeemable for $1 through the company’s website. TrueUSD launched in March 2018 and is tradable on major exchanges including Binance, Bittrex, and Upbit. Since launch, TrueUSD's market capitalization has grown to over $60 million and it has an average daily trading volume of $22 million. TrustToken plans to use new funding to develop its asset tokenization platform and to expand its legal, partnership, product, and engineering departments. The company is led by CEO Danny An.

Total raised

$33M

Funding rounds

2

Latest round

Equity

Latest activity

Aug 2021