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CDS Startups Asymmetry Finance Raises $3M Round From Ecco Capital, Ankr and Others

Startups

Asymmetry Finance Raises $3M Round From Ecco Capital, Ankr and Others

Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million.

Aziz KARTAL17/05/20231 Mins read495

Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as part of its growth plan, the firm said on Tuesday.

Asymmetry Finance Raises $3M Round From Ecco Capital, Ankr and Others

Asymmetry Finance, a prominent protocol specializing in liquid staking derivatives, announced on Tuesday that it has successfully raised $3 million in funding. The investment came from prominent firms including Ecco Capital, Republic Capital, GMJP, and Ankr. This influx of capital will play a crucial role in Asymmetry Finance’s growth plan, as stated by the company.

According to an official press release, the company plans to allocate these resources towards the further development of its liquid staking protocol. Additionally, it aims to recruit top industry talent to bolster its team and attract decentralized finance (DeFi) enthusiasts to its platform. Leading the project are co-founders Justin Garland and Hannah Hamilton.

The market for liquid staking derivatives is currently dominated by Lido, which boasts a staggering $12.4 billion of “total value” or collateral locked in, according to data from DeFiLlama. Asymmetry Finance’s website estimates that Lido commands approximately 88% of the staked ether market.

Asymmetry Finance’s flagship product is the safETH token. This unique token represents a diverse basket of liquid staking derivative tokens, including wstETH from Lido, rETH from Rocketpool, frxETH from Frax, sETH2 from Stakewise, and ankrETH from Ankr, as detailed on the company’s website.

Comparing the safETH token to an exchange-traded fund (ETF) for liquid staking tokens, co-founder Justin Garland highlights its significance and potential within the market. With this innovative product, Asymmetry Finance aims to provide users with a simplified and accessible approach to liquid staking within the DeFi space.

As the DeFi sector continues to evolve rapidly, the investment secured by Asymmetry Finance positions the company favorably to expand its presence and compete with existing market leaders. With a strong emphasis on protocol development and talent acquisition, the firm is poised to make significant strides in the liquid staking derivatives landscape.

To access more startup articles: cryptodataspace.com

Sources:CoinDesk

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Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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