The fuel stablecoin protocol Fluid Protocol has completed a $3.9 million seed round financing, with participation from Animoca Ventures and others

according to The Block, the Fuel stablecoin protocol Fluid Protocol has completed a $3.9 million seed round financing. This round was participated by Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, and others. Angel investors participating in this financing include Meltem Demirors, Kartik Talwar, Cami Ramos Garzon, Mike Silagadze, Alan Curtis, and Ben Lakoff. The funding injection from the seed round will accelerate the development and launch of Fuel Network's native stablecoin USDF, fund security audits to ensure protocol safety, and expand the team.

According to Web3 asset data platform RootData, Fluid Protocol is a Fuel stablecoin protocol that allows users to withdraw interest-free loans against a single collateral type, with loans paid in Fluid's native stablecoin USDF, which must maintain a fixed minimum collateral ratio. Users will be able to redeem USDF as collateral at face value at any time.