Startup Juno received 3 million USD to create a virtual bank

Startup Juno raised three million dollars in the initial round of raising funds to create a neo-banking platform built on the Ethereum blockchain.

The investors in the project (which will allow using cryptocurrency for financial transactions) were such well-known companies as Dragonfly Capital, Sequoia Capital and Polychain Capital.

According to a press release, the operation of the blockchain system is based on the Nuo protocol, developed for the Ethereum Nuo lending platform. The company plans to provide services such as opening a savings account with an interest rate of 5.5% per annum on deposits in US dollars, issuing debit cards, making financial transactions and others.

According to co-founder Juno Varuna Deshpande, the company’s goal is to create a full-fledged decentralized financial system (DeFi) for simple and quick interaction of users with equal rights in the environment without the participation of third parties and banking control.

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Unlike similar loan products built on Ethereum, Juno users will not be directly affected by the volatility of cryptocurrencies and blockchain. Deshpande and his team promise to “eliminate the complexity of web 3.0 and the volatility of crypto assets” by providing an easily accessible convenient interface.

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