Term Labs has turned heads with its fixed-rate offering, landing $2.5 million to bring the product to market.

Led by Electric Capital, the latest round was also joined by Circle Ventures, MEXC Ventures, Coinbase Ventures, and angel investment from a host of DeFi founders. The fresh funds will be used to build out the team’s Term Finance protocol.

Though Term Finance is going crypto-native, the team has drawn inspiration from the U.S. Treasury— specifically, its auction calendar—to find and match borrowers with lenders. Lenders on Term can set their rates, the amount their willing to part with, as well as the duration of the auction. Likewise for borrowers.

Once submitted, the asset users have made available to borrowers or put up as collateral is locked into a smart contract for the duration of the auction.

For now, the team will launch with a variety of stablecoins like USDC and USDT, as well as more volatile assets such as Ethereum, Wrapped Bitcoin, and Wrapped Staked Ethereum as well.

(By Liam J. Kelly)

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