Cryptocurrency asset managers Pantera Capital and Arrington XRP Capital jointly led a $ 5.8 million private investment round in Unbound Finance, an emerging DeFi treasury protocol for pooled tokens.
The funds will be used to further develop Unbound Finance’s cross-chain stablecoin platform, including developing native bridges for instant transfers between its native UNB stablecoin and other synthetic assets, the company announced on Wednesday.
Unbound Finance operates a so-called “liquidation-free collateral platform” which, as the name suggests, enables users to obtain interest-free loans against secured tokens.
Automated market makers are “DeFis zero-to-one innovation and we are building the aggregator layer to enable higher returns [and] Capital efficiency for our users, ”said Tarun Jaswani, CEO and founder of Unbound Finance.
There are some serious supporters behind Unbound Finance’s $ 5.8 million raise. In addition to Pantera Capital and Michael Arrington’s XRP Capital, the project was funded directly by 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.
Dan Morehead, Pantera CEO, commented on the impact Unbound Finance could have on the emerging DeFi industry:
“Unbound has great potential to play a leading role in the DeFi space by focusing on liquidity pool tokens. We look forward to helping the Unbound team develop the key tools to capitalize on this pristine part of the DeFi ecosystem. “
A punishing turnaround for digital asset markets in the past six weeks hasn’t stopped venture firms from supporting promising projects, particularly in the DeFi space. As Cointelegraph reported, crypto and blockchain based companies are looking for massive valuations after several very successful private funding rounds.
Meanwhile, the blockchain development arm behind Solana announced Tuesday that it had raised an additional $ 314.15 million from mega-investors like Andreessen Horowitz and Polychain Capital.