Decentralized lending protocol Pledge has successfully obtained $3 million via fundraising to support its cross-chain ecosystem, dedicated to long-term financing. 

Specifically, the investment round was led by DHVC – a venture capital entity from Palo Alto – and also witnessed U.C. Berkeley professor Gary LaBlanc and Stanford University community members Ray Wong and Torsten Wendl taking part in it. 

The newly acquired fund will reportedly be channeled towards Pledge’s target to turn itself into a premier crypto-asset lending platform, with the ultimate goal of setting the scene for tokenized real-world financial assets.

Pledge was reportedly established by a team of blockchain-centric researchers from Stanford University, consisting of David Tse, Nicole Chang, Ray Wong, and Torsten Wendl. Professor Gary LaBlanc also devoted his contribution to the protocol. 

Pledge – taking advantage of the Binance Smart Chain – reportedly looks to achieve the primary target of supporting long-term financing for crypto holders, a topic yet to be discussed across the sector. 

The protocol plans to complete this mission via enabling diversification for users’ portfolios with non-crypto assets without being exposed to interest-rate volatility.

Pledge Tokens (PLGR) is reportedly the operating force behind the protocol, which possesses an overall supply of 3 billion. No market data is currently available for PLGR.

DeFi lending markets have reportedly witnessed exponential growth, popularity-wise, in 2021, reeling in an increased amount of new users on the promise of higher yields and enhanced access to new markets.