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Centrifuge raises $4M to put real-world assets on the blockchain

Illustration of an abstract glowing three dimensional house made from binary code.

Illustration: Aïda Amer/Axios

Centrifuge, a decentralized finance protocol for putting real-world assets on the blockchain, raised $4 million in new funding from strategic investors.

Why it matters: If adopted more widely, protocols like Centrifuge could open largely illiquid markets to new investors.

How it works: Centrifuge hopes to tokenize things like real estate, consumer credit and invoices and put them on the blockchain, enabling DeFi and TradFi investors alike to invest in and trade those assets more easily.

  • The firm says it has financed more than $182 million of real-world assets to date.

State of play: Centrifuge is hardly alone in its pursuit of putting real-world assets on the blockchain. Real estate startup Roofstock recently sold a home as an NFT, for instance.

  • And BNY Mellon, which launched a crypto custody service last month, has expressed interest in tokenizing “all kinds of assets and currencies,” CEO Robin Vince said on a recent conference call.

Details: Investors in this round include Coinbase Ventures, BlockTower, Scytale and L1 Digital.

  • The project had previously raised $4.3 million in funding from Galaxy Digital, IOSG Ventures, Rockaway Capital, Fintech Collective, Moonwhale Ventures, Fenbushi Capital, TRGC and HashCIB.

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