FarmBit receives $240k Seed funding from top crypto Angel Investors and partners with Despace Protocol

Millions of small businesses from emerging markets have stayed offline for the past decade due to the financing gap between these businesses and traditional financial institutions.

FarmBit is fixing the financing gap between agribusinesses and traditional finance from emerging economies using DeFi and NFT. Business inventories are turned into NFTs, which are then financed through FarmBit Pool.

Today, the African blockchain startup FarmBit receives $240k Seed funding from top crypto Angel Investors and Despace Protocol. Started by some vibrant crypto professionals in 2020, FarmBit is developing a decentralized, blockchain-based protocol that aims to rethink how agribusinesses transact with each other more efficiently and openly. Asset-backed financing as we know it, and more importantly, the resulting inefficiencies in traditional finance and access to global liquidity.

Daniel Nicholas, the CEO, and founder of FarmBit stated: “We want to fundamentally change how agribusinesses from emerging economies interact and access liquidity by making them accessible to global liquidity. We are building a world-class team from Africa, USA, and India, with some of the most talented blockchain engineers. Their expertise in the blockchain space is an asset to FarmBit.”

A fresh take on NFT: Real-World Assets represented as NFTs

FarmBit partners with Despace Protocol to auction Real World NFTs.

Beyond the investment secured from Despace, FarmBit will leverage Despace NFT Protocol to mint and launch its first suits of NFT assets to its users.

Despace protocol is a multi-chain DeFi and NFT protocol powered by DeChain blockchain.

“We are excited to collaborate with Despace Protocol around our NFT marketplace which will enable us to auction FarmBit NFTs representing real-world assets. FarmBit is bridging the innovation of DeFi with the way finance works today.”