ZyanFi Co-Founder and CEO Syakir Hashim
ZaynFi, a stablecoin yield optimiser on BNB Chain, has announced a US$600,000 funding led by Cur8 Capital, the venture investing arm of UK-based Islamic Finance Guru.
An unnamed global VC fund with a track record of investing in fast-growing technology companies also co-invested in the round.
Co-Founder and CEO Syakir Hashim said that ZaynFi would use the funds to expand its engineering team and build new vaults, allowing users to stake other cryptocurrencies and building a strong community of users utilising ZaynFi.
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Started by Syakir Hashim and Aziz Zainuddin, ZaynFi is a DeFi protocol that helps users stake stablecoins safely and simply for top-of-the-range returns on the Binance Chain. According to the company, it helps users stake into the best liquidity pools across popular decentralised exchanges, enabling trades to happen while earning trading fees and rewards.
It thus aims to open up the world of DeFi to the masses, enabling first-time users to utilise and benefit from DeFi products and services. The protocol also aims to attract halal-conscious offerings as it ensures its offerings comply with shariah principles.
“The team at ZaynFi has spent the last couple of months creating a minimum viable product, with a private beta being rolled out to stakeholders at the start of the month,” said Hashim.
A public beta is planned to be rolled out next week exclusively for ZaynFi’s 88,000-strong Telegram Community members.
“We are here to help existing DeFi users and the masses come onboard the world of DeFi and bring a new wave of liquidity to decentralised exchanges. This will be achieved through ZaynFi’s end-to-end service, which takes care of Liquidity Pool selection, depositing into Liquidity Pools, staking LP Tokens and switching to better-performing Liquidity Pools from time to time,” he added.
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