Outside Source
Liquidity provider INIT Capital secured over $3 million from investors to enhance partnerships with decentralized exchanges and applications.
In a blog announcement on Feb. 21, liquidity market maker for decentralized finance (defi) INIT Capital revealed it had raised $3.1 million in a seed funding round co-led by Electric Capital and Mirana Ventures. Other investors such as Arthur Hayes’s family office Maelstrom.fund, Robot Ventures, and Nomad Capital have also participated in the funding.
Moreover, INIT Capital says it has also received backing from such figures as Guy Young, founder of Ethena, and Julian Koh, founder of Aevo, although their stake was not disclosed.
“The rapid development of defi protocols has highlighted the urgent need for a new solution to address the lack of composability in money market architecture, which hinders access to deep liquidity.”
Tascha Punyaneramitdee, founder of INIT Capital
The firm says the latest funding bolsters its technological progress and market strategy, as it aims to facilitate a more accessible liquidity ecosystem in defi. In addition to funding, INIT Capital disclosed ongoing efforts to forge collaborations with several decentralized exchanges and protocols, though specific partners remain undisclosed as of press time.
Based on Mantle Network, INIT Capital apparently wants to solve the problem of liquidity fragmentation, saying while the defi landscape evolves continuously to accommodate diverse borrowing use cases, the architecture of money markets “has not correspondingly evolved.”
This article first appeared at crypto.news
