This Tuesday, Num Finance, a decentralized finance protocol, announced it had successfully raised $1.5 million in a pre-seed funding round. Num intends to use the funding to expand its stablecoin offering to Colombia, Mexico, and Brazil.
Num Finance Raised $1.5 Million to Bring Stablecoins and Tokenized Assets to Three Latin American Countries
The decentralized finance protocol Num Finance announced on May 23rd that it had successfully concluded a pre-seed funding round securing $1.5 million. According to its Twitter thread, Num aims to use the money to continue its mission to bring stablecoins to emerging markets.
The driving goal of the decentralized finance protocol is to empower individuals to access “cutting-edge digitized financial tools” through local rams and through tokenized assets. Num mainly focuses on areas where traditional financial solutions are inaccessible to large parts of the population.
According to Num Finance’s thread, it started its expansion in Argentina before moving to Peru. It aims to use the recently-raised funds to move further into Brazil, Mexico, and Colombia. The $1.5 million pre-seed round has been led by Reserve with the participation of Matias Woloski, Ripio Ventures, H20 Scouter Fund, and VC3.
Crypto Adoption Increases in Areas Plagued by Financial Instability
While popular in developed countries, digital assets have found a special place in parts of the world where there is a significant degree of financial instability and where large parts of the population don’t have access to traditional financial tools.
In recent months, people in inflation-struck regions have been increasingly turning to digital assets in search of stability. For example, by mid-May, Turkey became the country with the highest rate of crypto adoption with 27% of the people owning digital assets with stablecoins in particular garnering popularity.
Argentina, a country with an inflation rate of over 100%, ranks second when it comes to cryptocurrency ownership. On the other hand, the county’s central bank moved against the generally digital assets-friendy attitude in Latin America and banned payment providers from offering cryptocurrencies.
This article originally appeared on The Tokenist
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