TrustToken has raised $12.5 million, with participation from A16Z and Alameda Research

On August 5, TrustToken announced that it has raised $12.5 million in strategic funding led by Blocktower, Andreessen Horowitz (A16Z) and Alameda Research also participated in the round by buying TrueFi's native token TRU. The financing will be used to expand the DeFi agreement for unsecured loans. The funding enables TrustToken to expand its agreements by rapidly growing its core engineering and business teams, as well as expanding its business with traditional financial partners. Since the first unsecured loan for DeFi in November 2020, the TrueFi Agreement has disbursed us $250 million in such loans and disbursed more than US $2 million to lenders. A16z said it made its first investment in TrustToken in 2017. "As TrueFi's first borrower, Alameda is proud to be the investor behind the team and the technology," said Sam Bankman Fried, CEO of Alameda Research. "We've seen TrueFi's unsecured lending grow well beyond the crypto space. We plan to be partners and users at every stage of this agreement's growth."