A16z, BlockTower, and Almeda backed a $12.5M funding round by purchasing TRU, is TRU worth buying now?
- TrueFi has raised its trading volume by 40,492% in the last 24 hours.
- Its market cap has increased by 357% in the last 24 hours.
- This sky-rocketing value is the result of a funding round of $12.5 million.
TrueFi TRU/USD is a protocol for the creation of interest-bearing pools with a high APR for liquidity providers, where the TRU token is the native currency that is used for TrustToken holders, which gives them the ability to rate credit for third parties.
The company’s TrueCurrencies are the world’s first on-chain, independently-verified, and fully collateralized stablecoins and are trading on many exchanges, but is now the right time to buy TRU?
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$12.5M in funding as a catalyst for growth
On August 4, TrustToken, which is an operator of decentralized finance (DeFi) lending protocol TrueFi as well as stablecoin TUSD, raised $12.5 million in a new funding round.
Furthermore, Andreessen Horowitz (a16Z), BlockTower Capital, and Almeda Research led the round through purchasing TRU, which is TrueFI’s native token.
This raised the value of the token by over 350% within the span of just 24 hours, and it saw an increase in its trading volume by 40,492% and a market cap increase by 357%.
Should you buy TrueFI (TRU)?
On August 5, TrueFi (TRU) was worth $0.79.
Its all-time high was on August 5 as well, where it’s sky-rocketed to $0.84 before falling back to $0.79. This is just a 6% difference and TRU has the potential to climb even higher than its all-time high throughout the following month.
Regarding its more recent performance, things get interesting. Before this recent run where it raised its value by over 350%, in July, we saw its high of $0.18 on July 1, while it saw its lowest point on July 20 at $0.11.
Furthermore, this investment round showcases that there is growing interest from traders in DeFi, however, while many of the loans in this market are secured with cryptocurrency which is pledged by borrowers, TrueFi’s lending does not require collateral. TrueFi bases its lending decisions on credit scores that are derived from on-chain and off-chain data. This is what makes it truly unique and why it will gain even more interest in the future.
Buying TRU provides an excellent opportunity while this level of hype is high, as by the end of August we could see it get to the $1 price range.
Where to buy right now
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.