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 evolution of native bridges to get instant transfers between its native UNB stablecoin and other artificial assets, the company announced Wednesday.
Unbound Finance functions a so-called”liquidation-free collateralization platform,” which, as the name suggests, allows consumers to obtain interest-free loans against collateralized tokens.
Automated market makers are”DeFi’s Zero to One Innovation and we’re building the aggregator coating to enable greater returns [and] capital efficacy for our users,” said Tarun Jaswani, CEO and Founder of Unbound Finance.
There are a few serious backers supporting Unbound Finance’s $5.8 million increase. Along with Pantera Capital and Michael Arrington’s XRP Capital, the job received direct funding from Hashed, Coin98 Ventures, LedgerPrime, CMS Holdings and many others. More than a dozen angel investors also participated in the increase, such as the founders of Angelist, Enjin, Gnosis, Kyber Network, Polygon, Harmony, Polkastarter and others.
Pantera CEO Dan Morehead commented on the impact Unbound Finance might have on the budding DeFi industry:
“Unbound has excellent potential to play a lead role in the DeFi area by focusing on liquidity pool tokens. We are eager to encourage the Unbound team as they assemble the key tools to capitalize on this untouched section of the DeFi ecosystem.”
A punishing reversal for electronic asset markets over the last six weeks hasn’t prevented venture companies from backing promising jobs, particularly in the DeFi area. As Cointelegraph reported, crypto- and blockchain-based companies are trying to find massive valuations following a few highly successful private financing rounds.
Meanwhile, the blockchain development arm supporting Solana announced Tuesday it had increased an additional $314.15 million from mega investors such as Andreessen Horowitz and Polychain Capital.