Tenor Secures $2.5 Million in Seed Funding for Blockchain-Based Lending Platform
Québec City-based startup Tenor has secured $2.5 million USD in seed funding to build its blockchain-based lending platform for asset managers and businesses.
The company aims to provide easier access to on-chain markets for institutions looking to borrow and lend stablecoins, targeting asset managers already allocating digital assets on-chain.
Tenor's DeFi platform is built on one of Morpho's fixed-rate lending protocols, which was developed by Ethereum-based French credit network Morpho. The startup plans to deploy it on other blockchains in the near future.
The platform will use non-custodial smart contracts to hold collateral instead of taking custody of users' assets itself. Tenor has geoblocked its product in Canada for now, due to the country's developing regulatory framework for such products.