ZaynFi, a stablecoin dividend optimizer on the BNB Chain, has announced USD 800,000 in funding led by Cur8 Capital, the venture investment arm of UK-based Islamic Finance Guru.
An unnamed global VC fund with a track record of investing in high-growth technology companies also co-invested in the round.
Co-founder and CEO Syakir Hashim said ZaynFi would use the funds to expand its engineering team and build new vaults, allowing users to bet on other cryptocurrencies and building a strong community of users using ZaynFi.
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Started by Syakir Hashim and Aziz Zainuddin, ZaynFi is a DeFi protocol that helps users stake stablecoins safely and simply to get the best returns on the Binance chain. According to the company, it helps users bet on the best liquidity pools across popular decentralized exchanges, allowing them to trade while earning trading fees and rewards.
Thus, it aims to open up the world of DeFi to the masses, enabling first-time adopters to utilize and benefit from DeFi products and services. The protocol also aims to attract halal-conscious offerings as it ensures that its offerings comply with Sharia principles.
“The team at ZaynFi has spent the last few months creating a minimum viable product, with a private beta being rolled out to stakeholders at the start of the month,” Hashim said.
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A public beta is scheduled to roll out next week exclusively to ZaynFi’s 88,000-strong Telegram Community members.
“We are here to help existing DeFi users and the masses enter the world of DeFi and bring a new wave of liquidity to decentralized exchanges. This will be achieved through ZaynFi’s end-to-end service which takes care of Liquidity Pool selection, deposits into Liquidity Pools, staking of LP Tokens and switching to better performing Liquidity Pools from time to time,” he added.
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