GFX Labs

GFX Labs is a Chicago-based developer and producer of cryptocurrency products. It was founded in 2021 and has a team of sixteen people working on its technology. The company raised $2,500,000 in a seed funding round in September 2021. The stated goal of the company is to support democratization of finance by building innovative products related to decentralized finance (DeFi) and finance technology.

GFX Labs has developed and is in the process of developing several products since its launch. Descriptions of the projects are below.

On June 23, 2022, GFX Labs launched Interest Protocol. It is a fractional reserve banking protocol on the Ethereum blockchain. It allows users to lend, borrow, and earn yield on their digital assets. Interest Protocol sale and token distribution are set for August 15, 2022.

Poppie Card is a DeFi credit card that is being developed by GFX Labs. It will allow users to access their cryptocurrency coins in real life without having to sell them and pay transaction fees. Users of Poppie will be able to post crypto coins, such as Ethereum, as collateral every time they use the card and pay with borrowed USDC. This product is set to be launched in 2022.

The team at GFX Labs is also active in developing governance for the space. They have aided in authoring a cross-chain governance proposal as well as had leadership roles with efforts at MakerDAO to act as an intermediary with regulators, lawmakers, and researchers regarding DeFi.