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Convergence Protocol Raises $2M in Funding Round Led by Hashed
The funding will be used to further develop Convergence's testnet and mainnet.
Updated May 9, 2023, 3:16 a.m. Published Feb 23, 2021, 2:00 p.m.
Convergence Protocol, a decentralized project focused on bringing liquidity to real-world assets in decentralized finance (DeFi), has secured $2 million in its latest funding round.
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According to a press release Tuesday, the round was led by blockchain firm Hashed, with strategic investors NGC Ventures, Genesis Block Ventures, Alameda Research, CMS Group, Kenetic Capital, Pantera's Paul Veradittakit and more also participating.
The funding will be used to advance Convergence's testnet and mainnet, according to release. The company also said it has plans to hold a public sale of its native token at the end of March.
Convergence aims to bring real-world assets to decentralized finance by creating "unforeseen liquidity" with an automated market maker (AMM). Via a two-layer process, the project allows tokenized securities issued by partner projects to be "wrapped" and then traded on the AMM by investors and fund managers.
See also: Canadian Crypto Lender Ledn Raises $2.7M for Emerging Markets Expansion
Wrapped tokens are cryptocurrencies fixed to the value of another blockchain digital asset. Bitcoin, for example, can be represented on the Ethereum blockchain as an ERC-20 token backed 1:1 with bitcoin held in reserve. It allows for the representation of assets to move across different blockchains by acting as a type of bridge.
"Right now, we are seeing a convergence between real world assets and DeFi," said Convergence co-founder Oscar Yeung. "With liquidity created for these assets, our broader vision is to have them becoming the default collaterals to support a wide range of DeFi applications."
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