According to CoinDesk, blockchain-based debt provider Obligate (formerly FQX) announced the completion of a $4 million seed expansion round of financing, with Circle Ventures and Blockchange Ventures participating. Combined with the initial fundraising in late 2021, Obligate's total seed funding round now exceeds $8.5 million. The funds will help the company expand its debt platform, which will go live on the Polygon blockchain next month.

According to reports, Switzerland-based Obligate supports companies issuing on-chain bonds and commercial paper to obtain funds from investors in a regulated decentralized finance (DeFi) environment. Issuers must pass KYC verification before creating a bond plan that suits their liquidity needs. The liquidity will be denominated in stablecoins such as USDC, but can be quickly converted into US dollars.