Dubai, UAE, August 28, 2024, Chainwire
Cypher Capital, a multi-strategy crypto funding agency, right this moment introduced its position in elevating a $3.5 million seed spherical for Echelon, an progressive decentralized lending protocol, which garnered further backing from strategic companions together with Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures and Re7.
The funding demonstrates Cypher Capital's dedication to supporting superior options in decentralized finance (DeFi) and blockchain know-how. Echelon goals to reinforce DeFi lending by bettering capital effectivity, integrating with different DeFi purposes, and providing progressive monetization methods on Transfer-based blockchains resembling Motion and Aptos.
“Echelon has demonstrated that its initiatives are actually driving innovation within the DeFi area,” mentioned Harsh Agarwal, head of investments at Cypher Capital. “Echelon's deal with capital effectivity, user-friendly design, and the potential to combine real-world belongings makes it stand out within the evolving DeFi trade. We’re excited to assist their efforts in direction of creating a high-performance lending market.”
Echelon's protocol presents superior options resembling elevated borrowing energy for correlated belongings, separate swimming pools for area of interest asset markets, and direct in-wallet integration for streamlined yield methods. The platform is designed to focus on institutional-level markets whereas guaranteeing inexpensive borrowing charges and progressive yield alternatives.
“This funding will assist us construct further lending and threat administration merchandise, increase to new networks, and supply world entry to dollar-denominated yields,” mentioned Glenn Rose, co-founder of Echelon. “We're excited to construct our core primitives on a high-performance Transfer-based chain.”
Echelon plans to make use of the brand new funding to reinforce its companies by the event of treasury and real-world asset (RWA) backed methods, the implementation of a cross-chain deposit vault, and the enlargement of its crew of full-stack and good contract engineers.
About Cipher Capital
Cypher Capital is a number one early stage strategic enterprise agency centered on investing in Web3 infrastructure and purposes that drive the brand new digital economic system. With environmental, social and governance priorities in each funding determination, Cypher is shaping the way forward for digital foreign money, public markets and Web3.
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About Echelon
Echelon is a extremely environment friendly decentralized lending protocol that permits customers to borrow and lend belongings by non-custodial swimming pools. The platform will increase capital effectivity and borrowing energy whereas offering safe, over-collateralized positions. Echelon helps segregated swimming pools of long-tail belongings, presents streamlined leveraged staking and an RWA-backed vault, and is positioning itself as a frontrunner amongst next-generation DeFi protocols.
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