InstaDApp, a decentralized finance (DeFi) startup, has secured $2.4 million in a seed funding round, the company announced on Tuesday.
The participating investors include venture capital firm Pantera Capital, Coinbase Ventures, IDEO Colab, Robot Ventures, along with angel investors like Balaji Srinivasan, Naval Ravikant, and Kyber Network’s Loi Luu.
The India-based startup is developing a DeFi portal to aggregate the major protocols using a smart wallet layer and bridge contracts, simplifying the decision making the process for digital asset financing.
“We are impressed by InstaDapp’s laser focus on aggregating and simplifying DeFi and their growth has been a testament to their ability to execute successfully,” Paul Veradittakit, a partner at Pantera Capital, said.
“InstaDapp stands out from everything else we have seen in the space so far. We believe they’re the right team to push the future of DeFi forward and help the next wave of users to onboard to the open financial ecosystem.”
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Attracting a wide user base
According to its website, it has more than 4,400 contract wallets along with a collateral of over $31.3 million. The company is also boasting its third rank among DeFi platforms in terms of total asset value, only following MakerDAO and Compound.
“While other DApps are just interfaces for DeFi protocols, we have created a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions, including lend/borrow, leverage and switch debt positions,” Sowmay Jain, the founder of the company, explained in the announcement.
In addition to the funding, the startup also added Blockfolio’s CEO Edward Moncada and Ming Ng, an associate with prominent projects like Handshake, Kyber, and Blockfolio, to its advisory board.
“Instadapp is focused on becoming the portal to open finance, and is innovating in an area where most teams are stagnant — delivering an exceptional user experience,” Robert Leshner, founder of Compound, added.
Recently, Finance Magnates reported that another DeFi startup, Band Capital, launched a decentralized application (DApp), allowing Bitcoin binary options trading.