Unbound Capital aims to become the first decentralized cross-chain
stablecoin. The private investment round had participation from at least
14 venture funds and over a dozen angel investors from across the
blockchain industry.
Cryptocurrency asset managers Pantera Capital and Arrington XRP
Capital have co-led a $5.8 million private investment round for Unbound
Finance, an up-and-coming DeFi treasury protocol for pooled tokens.
The
funds will be used to further develop Unbound Finance’s cross-chain
stablecoin platform, including the development of native bridges for
instant transfers between its native UNB stablecoin and other synthetic
assets, the company announced Wednesday.
Unbound Finance operates a
so-called “liquidation-free collateralization platform,” which, as the
name suggests, allows users to obtain interest-free loans against
collateralized tokens.
Automated market makers are “DeFi's Zero
to One Innovation and we are building the aggregator layer to enable
greater yields [and] capital efficiency for our users,” said Tarun
Jaswani, CEO and Founder of Unbound Finance.
There are some
serious backers behind Unbound Finance’s $5.8 million raise. In addition
to Pantera Capital and Michael Arrington’s XRP Capital, the project
received direct funding from Hashed, Coin98 Ventures, LedgerPrime, CMS
Holdings and many others. Over a dozen angel investors also participated
in the raise, including the founders of Angelist, Enjin, Gnosis, Kyber
Network, Polygon, Harmony, Polkastarter and others.
Pantera CEO Dan Morehead commented on the impact Unbound Finance could have on the budding DeFi industry:
“Unbound
has great potential to play a lead role in the DeFi space by focusing
on liquidity pool tokens. We’re excited to support the Unbound team as
they build the key tools to capitalize upon this untouched part of the
DeFi ecosystem.”
A punishing reversal for digital asset markets
over the past six weeks hasn’t prevented venture firms from backing
promising projects, especially in the DeFi space. As Cointelegraph
reported, crypto- and blockchain-based companies are seeking massive valuations following several highly successful private funding rounds.
Meanwhile, the blockchain development arm behind Solana announced Tuesday that it had raised another $314.15 million from mega investors including Andreessen Horowitz and Polychain Capital.
source link : https://cointelegraph.com/news/pantera-capital-and-arrington-xrp-capital-lead-5-8m-unbound-finance-raise
