Algofi, the fast, low-cost lending market and stablecoin protocol built on the Algorand blockchain, today announced $2.8 million in seed funding during Decipher, Algorand's annual community conference.

Union Square Ventures, Arrington XRP Capital, and Pillar VC led the round, with participation from Y Combinator, Formulate Ventures, and Shine VC.

Algofi is building the first crypto native bank powered by decentralized finance. Through Algofi, users can lend cryptocurrency, earn interest on their deposits, and borrow to facilitate complex trading activity. Algofi is building fiat rails to enable users to move value onto and off of the Algorand network seamlessly.