💸 New platform aims to automate short-term crypto lending

A new Ethereum-based startup aims to allow users to earn interest while loaning out their tokens. Compound, which has raised $8.2 million in venture funding, will use a smart contract system to accept deposits from users and offer short-term loans from the pool. Each asset will have a publicly stated interest rate for depositing and borrowing, set algorithmically based on demand for each asset. Compund will launch with five tokens including Ethereum ($ETH), trueUSD, 0x ($ZRX), Brave ($BAT), and Augur ($REP).