DeFi Platform iZUMi Finance Secures $30M, Launches New DEX

iZUMi Finance, a multichan decentralized finance (DeFi) platform, has raised $30 million through the sale of bond vouchers and claims on its iZUMi Bond USD (iUSD), the firm said.

The new funding included $20 million from institutional investors Ivy Ventures, Cobo and Mirana, among others. More than half of that total came from a voucher sale on the bond-focused Solv Protocol. iZUMi also sold $4 million BUSD worth of the vouchers and an additional 5,000 in BNB, which is equivalent to about $2 million.

Singapore-based iZUMi Finance offers liquidity services, or the conversion of one asset into either cash or another asset. The platform is deployed on the Ethereum, BNB Chain, Polygon and Arbitrum blockchains and has about $58 million in total value locked (TVL), according to DefiLlama data.

Along with the funding, iZUMi announced its new iZiSwap decentralized exchange (DEX), which employs a novel automated market maker (AMM) protocol and the iUSD token.

"Liquidity is the catalyst for growth in DeFi. With the launch of our Discretized-Liquidity AMM and iUSD, iZUMi Finance is eliminating the barriers to liquidity and making DeFi more attractive and efficient for market participants," iZUMi co-founder Jimmy Yin said in a press release.

The iUSD token is 1:1 pegged to the U.S. dollar, akin to a stablecoin, and it's backed by iZUMi's collateral and future revenue. IZUMi issues and sells iUSD to private investors.