DeFi Startup Qiro Finance Secures $1 mn Funding
Qiro Finance, a decentralized finance startup, has secured USD 1.2 million in a pre-seed funding round led by an Web3 accelerator Alliance.
The round included Escape Velocity, CMT Digital, Trident Digital, and Druid Ventures. Qiro Finance, founded in 2023, focuses on building a decentralized credit protocol to connect emerging market asset originators (NBFIs) with global investors using blockchain and stablecoin rails.
The startup aims to bridge the credit gap in emerging markets due to the dominance of banks in the credit market and their risk-averse approach.
Real World Assets (RWAs) are gaining traction as traditional firms seek alternative financing avenues embedded in crypto.
This trend broadens global financing options and fosters enhanced accessibility. However, the Reserve Bank of India has been critical of cryptocurrency, citing systemic risks to financial systems. India ranks among the top five countries in peer-to-peer P2P crypto trading.
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