Quasar Finance, a decentralized finance (DeFi) venture has been successful in raising $5.4M in a Shima Capital-led funding round. The bridge round of the DeFi venture elevates its valuation to a great extent. At present, the startup’s valuation is nearly $70M. In addition to this, nearly 5 exclusive investors have also become a part of the platform’s capitalization table.
Cosmos-Based DeFi Protocol Collects $5.4M in a Funding Round
The already present investors who participated take into account Sunny Aggarwal, (the co-founder of Osmosis, Blockchain Capital, and Poolychain Capital).
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The collected funds will be utilized for the further development of the interchain decentralized asset management (DAM) of the Quasar platform. This development is targeted at offering digital asset management (DAM) additionally accessible.
The cumulative funding of the startup at the moment equals nearly $11.5 million. Formerly, a seed funding round of up to $6 million was announced by Quasar back in July 2022.
The platform’s co-founder and CEO “Valentin Pletnev” stated in a press release that the collection of the latest funding during the present harsh market situation is impressive. As per the executive, this move shows considerable consumer confidence.
The executive mentioned that this additionally reinforces the commitment made by their collaborators to achieve the mutual objective. That takes into account offering a permissionless as well as non-custodial asset management for all, Pletnev added.
The objective of Quasar Finance is to permit the consumers to develop vaults as well as avail of the plans through which the assets could be deployed throughout several blockchains.
Quasar is built within the ecosystem of the Cosmos. The platform utilizes an inter-blockchain communication (IBC) protocol. This enables the autonomous blockchains to interact with each other along with trading assets.
With the IBC’s release, the services of Quasar are made possible. An initial offering of the startup will be focused on rebalancing the Cosmos ecosystem’s index.
On the ecosystem of Cosmos, the staking can also be done taking into account the assets, as mentioned in the release. The platform is considered to be Cosmos’ irreplaceable cornerstone along with being a special unlock for decentralized finance throughout the IBC protocols. This was disclosed by Alex Lin who serves at Shima Capital as its chief for investors and research.
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As per the executive, the split capital shortcomings existing in the Cosmos ecosystem are solved by them. However, the executive added, it additionally offers advanced technology as well as safe vault mechanisms dealing with a diverse consumer base.
The crash of FTX (a multibillion-dollar crypto exchange that was centrally controlled) has again diverted attention toward decentralized finance.
Nevertheless, decentralized finance (DeFi) is witnessing huge difficulties partly due to the fragmentation throughout diverse blockchains. This is an issue addressed via protocols focused on interoperability.
Quasar has the plan to provide organized investment products under the umbrella of DeFi. After several months of doing private testing, the public testnet of Quasar will be opened by Quasar on the 10th of February.
Ondo Finance Launches Tokenized Corporate Bonds for Stablecoins
Another DeFi protocol named Ondo Finance has introduced 3 products structured to permit worldwide stablecoin holders to invest straightly in the US Treasuries and bonds.
As estimated by Ondo, the regulated goods could allure up to $100B value in those stablecoins that may not be currently generating profits for their holders. The deposits made in Ondo will then be deposited in Pimco and BlackRock’s relevant exchange-traded funds (ETFs).