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DeFi Project Impossible Finance Raises $7M in Seed Round
IF will use the funding to develop its DeFi offerings and to build a multi-chain ecosystem.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 3:23 a.m.
Decentralized finance (DeFi) protocol Impossible Finance (IF) has raised $7 million via a seed funding round with participation from a bevy of institutional and angel investors, including several high-profile firms, according to a blog post on Thursday.
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- The seed round of Impossible Finance, which launched on Binance Smart Chain (BSC) last month, was led by notable investors including True Ventures, CMS Holdings, Alameda Research and Hashed.
- It will use the funding to flesh out its offerings and build a multi-chain ecosystem for "promoting growth of DeFi liquidity and composability."
- Among the other over 125 investors were Sino Global Capital, IOSG, Divergence, GBV, Coin98, Lemniscap, Primitive and Incuba.
- IF has the markings of a typical DeFi project, including the ability to stake on the network, token swaps and access to liquidity pools. Additionally, the project plans to become an incubator for other DeFi protocols.
- "Creating a YCombinator-esque platform for teams building in [DeFi] will help take the ideas of developers and materialize them into working products," said CMS Holdings in a statement included in the blog post.
See also: Lithium Raises $5M for Decentralized Oracle Tracking Private Assets
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