Singapore, July 8, 2022-Torches Finance, a lending protocol on KCC, announced that it has received seed funding from KuCoin Ventures. KuCoin Ventures and KCC will jointly incubate and empower Torches Finance to build the infrastructure foundation for KCC.
KuCoin Ventures is a leading investment arm of KuCoin, the world’s leading crypto trading platform, aiming to discover and incubate high-quality projects in various fields such as DeFi, Web 3.0, and infrastructure. Torches Finance is the underlying lending protocol on KCC, which means users can supply or borrow assets on Torches. It helps users obtain passive income while maximizing asset utilization.
Torches now has supported supply and borrow services of BTC, ETH, KCS, USDT, and USDC, and will officially start Torches Point Mining in Q3. Users can earn Torches Points by supplying or borrowing assets. Torches Points can be converted into Torches tokens ($TOR) according to certain coefficients after the token launch.
It is reported that Torches will leverage the seed funding in product development, technology innovation, security, marketing, and other aspects to increase protocol adoption and market share. For example, in terms of products, Torches will further improve accessibility, optimize the user’s experience, upgrade product functions such as leveraged mining and NFTs, and continuously expand the richness of Torches services. In terms of technology, Torches will continue to improve the transparency of the protocol and work with KCC to increase protocol adoption.
Joe, CEO of Torches said, “Receiving seed funding from KuCoin Ventures and the incubation from KCC is a great integration of Torches with KCS ecosystem. Torches will maximize KCC’s marketing, technology, and liquidity resources, and invest the funding into key areas such as product development and technology innovation. With the improvement of products and the launch of point mining, we hope to build Torches as the backbone of KCC’s DeFi ecosystem, and strive to become one of the most important infrastructures in the KCC ecosystem.”
The Torches “Supply & Borrow to Win” campaign is still on, and users who provide liquidity (supply or borrow) to a certain amount will have the opportunity to win the whitelist of Torches Genesis NFTs – Torchlight. Torchlight will grant the owner multiple benefits, including but not limited to boosting buffs at Torches Point Mining, IDO allocation…etc.
About Torches Finance
Torches Finance is a decentralized lending protocol based on KCC, supporting mainstream crypto assets such as BTC, ETH, etc. Users can earn TOR tokens by depositing and lending assets on Torches Finance.
Visit Torches Finance:https://www.torches.finance/en
About KuCoin Ventures
KuCoin Ventures is a leading investment arm of KuCoin Exchange that aims to invest in the most disruptive cryptocurrency and blockchain projects in Web3.0 era. With the commitment of empowering Crypto/Web 3.0 Builders with Deep Insights and Global Resources, it is also a community-friendly and research-driven full-stage corporate venture that focuses on DeFi, Game-Fi, Web 3.0, infrastructure, working closely with its portfolio projects throughout the journey of entrepreneurship.
