Crypto asset managers Pantera Capital and Arrington XRP Capital have co-led a $5.8 million private investment round for Unbound Finance, an upcoming up-and-coming DeFi Treasury Protocol for Deposit Tokens.
The company announced Wednesday that 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. .
Unbound Finance operates a so-called “liquidation-free collateral platform” that, 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 an Aggregator Layer to Enable Higher Yields” [and] Capital efficiency for our users,” said Tarun Jaswani, CEO and Founder, 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 more. More than a dozen angel investors also participated, including the founders of AngelList, Enjin, Gnosis, Kyber Network, Polygon, Harmony, Polkastarter and others.
Pantera CEO Dan Morehead Commenting on the impact Unbound Finance will have on the budding DeFi industry:
“Unbound has great potential to play a major role in the DeFi space by focusing on liquidity pool tokens. We are excited to support the Unbound team as they build a leading tool to capitalize on this untapped part of the DeFi ecosystem.”
a Punitive reversals for digital asset markets That hasn’t stopped venture companies from backing promising projects over the past six weeks, especially in the DeFi space. As Cointelegraph reported, crypto- and blockchain-based companies are large scale evaluation After several highly successful private funding rounds.
Meanwhile, the blockchain development arm behind Solana announced on Tuesday that it has Raised another $314.15 million From mega investors including Andreessen Horowitz and Polychain Capital.