Fortunafi, a real-world asset (RWA) tokenization platform, announced that it has raised $9.51 million in strategic and seed funding rounds and also unveiled a new stablecoin protocol called Reservoir.
Investors in this funding round included Shima Capital, Manifold, Jordan Fish (aka Cobie), Ari Litan of LayerZero Labs, Austin Green of Llama, Evanss6 and Scott Lewis, and Fortunafi.
The latest strategic funding round worth $3.16 million closed last December and the seed round worth $6.35 million closed in October 2021. Both rounds were officially announced today, Fortunafi founder and CEO Nick Garcia told The Block.
Both rounds consisted of shares with token warrants, and the latest round valued Fortunafi at $48.165 million, Garcia said.
What is Fortunapi?
Fortunafi was founded in 2020 and initially operated as one of the original issuers of tokenization platform Centrifuge. Fortunafi said it has tokenized more than $15 million in private debt and institutional loans through partnerships with MakerDAO, Aave, and others.
Last December, as part of its move away from Centrifuge, it developed its own tokenization platform called Tokenized Asset Protocol (TAP), Garcia said. TAP is a cross-chain tokenization platform that allows users to natively mint real-world assets across multiple layer 1 and layer 2 networks.
TAP currently only offers tokenized U.S. Treasury bonds, but “soon” it will be offering five new tokenized assets: Coinbase stocks, Robinhood stocks, Bitcoin ETF, stock indices (a mix of SPDR S&P 500 ETF Trust and Invesco QQQ Trust), and Hilbert ) is scheduled to be released. Capital Funds – Garcia said.
Fortunafi plans to soon launch a real-asset index token in collaboration with Index Coop.
TAP currently operates on the Canto, Blast and Arbitrum networks and plans to support more blockchains such as Base and Berachain, Garcia said. Currently, the platform’s total valuation is pegged at $7 million, but Garcia expects TVL to grow with the launch of five new tokenized products.
Fortunafi’s new stablecoin protocol: Reservoir
Fortunafi also launched Reservoir, a new stablecoin protocol today. Garcia said Reservoir is scheduled to launch in June and is a separate entity from Fortunafi.
Reservoir, a stablecoin protocol, will offer users a variety of monetization products based on digital and real-world assets. “Reservoir exists to offer very attractive yields so that users can enjoy the benefits of DeFi across a variety of decentralized protocols that only require a wallet and an internet connection,” said Garcia.
A reservoir is being built Ethereum ETH
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“Native integration is possible across all chains.” Once launched, Reservoir’s native stablecoin rUSD will be available across DeFi platforms. rUSD “will be backed by a balance sheet of both digital and real assets,” Garcia said.
Fortunafi currently employs 10 people, a few of whom are moving to support the Reservoir, Garcia said. He added that he plans to keep the team going for the foreseeable future.
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