Alameda Research Co-Leads $1.8M Seed Round for DeFi Protocol Linear Finance
A group of strategic investors including quantitative trading firm Alameda Research have led an investment in the decentralized finance (DeFi) protocol Linear Finance.
- The protocol announced the completion of its $1.8 million dollar private seed funding Wednesday, saying NGC Ventures, Hashed, CMS Holdings, Genesis Block and Kenetic Capital had also led the round.
- Evernew Capital, Soul Capital, Moonrock Capital, Black Edge Capital and PANONY also participated as strategic partners.
- Alongside their investments, NGC founding partner Tony Gu and Hashed co-founder Ryan Kim will join Linear’s advisory board.
- The funding will go towards accelerating the development of Linear’s testnet and mainnet, as well as promoting its platform, the protocol’s team said in a press release.
- Linear claims to be the first cross-chain compatible, decentralized delta-one asset protocol that can create, trade, and manage synthetic assets.
- “With DeFi, we are experiencing one of the most significant and important shifts in our cryptocurrency ecosystem,” said Linear co-founder Kevin Tai.
- Linear’s new investors bring experience in areas including financial innovation, key market expansion and roadmaps to institutional liquidity, Tai added.
- Linear Finance has begun integrating with Binance Smart Chain as a layer-two solution to solve challenges facing existing synthetic asset protocols, according to the announcement.
- The protocol is already working with existing DeFi projects, having announced last week a partnership with oracle network for off-chain data, Tellor.
- The public sale of Linear’s tokens is expected in mid-September, a spokesperson told CoinDesk.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
