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.