DeFi portal InstaDApp raises $2.4 million in seed round 🚨 This article is 5 years old...
DeFi portal InstaDApp raises $2.4 million in seed round
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Updated: Mar. 20, 2020 at 1:37 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
InstaDApp, a portal that simplifies interactions between major DeFi protocols, raised $2.4 million in seed funding from a line-up of high profile strategic investors.
InstaDApp raised a $2.4 million seed round from a host of strategic investors. Notable venture funds involved in the round include Pantera Capital, IDEO Colab, and Robot Ventures headed by Robert Leshner of Compound Finance.
A handful of crypto-sphere thought leaders also participated in the round, including AngelList CEO Naval Ravikant, former Coinbase CTO Balaji Srinivasan, and Kyber Network co-founder Loi Luu.
InstaDApp helps makes decentralize finance more accessible by simplifying interactions between multiple DeFi protocols. The service was founded by Sowmay and Samyak Jain, 21 and 19, out of Andhra Pradesh, India.
As an example, the service bridges positions between leading lending DAOs Compound and Maker, allowing users to switch debt positions between the protocols in fewer steps, the service claims.
So far, the service is fourth in terms of dollar value locked in its contracts, totaling $31 million, trailing MakerDAO, Compound, and Synthetix. In July, the DApp saw explosive growth, with locked dollar value growing from under $5 million to $42 million in less than a month. Since then, the dollar value locked in InstaDApp contracts has remained stagnant, according to data from DeFi Pulse.
“InstaDapp is a very talented team out of India looking to make decentralized finance more accessible,” said Balaji Srinivasan.
In a message to CryptoSlate, co-founder Sowmay Jain said:
“Along with our investors and community, we look forward to building the next generation of systems that will allow the masses to make the most of their decentralized assets.”
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Compound
Compound is an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Balaji Srinivasan is recognized for his influential roles in the tech and cryptocurrency sectors, most notably as the former Chief Technology Officer (CTO) of Coinbase.