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CDS Startups Cosmos-Based DeFi Protocol Quasar Raises $5.4M

Startups

Cosmos-Based DeFi Protocol Quasar Raises $5.4M

oguz23/01/20231 Mins read364

Cosmos blockchain-based DeFi protocol Quasar Finance has raised $5.4 million in a funding round led by Shima Capital.

Table of Contents

About Investment

The $70 million funding round was led by Shima Capital, while other investors included Polychain Capital, Blockchain Capital, HASH Capital, CIB, and Osmosis co-founder Sunny Aggarwal. The company will use the investments raised to improve its platform’s products and expand its team.

With the collapse of FTX, trust in centralized exchanges has been declining. This is also pushing investors towards decentralized exchanges and DeFi protocols. The company is developing a decentralized asset management (DAM) protocol using IBC smart contracts powered by the Cosmos blockchain. Quasar co-founder and CEO Valentin Pletnev said:

“Securing this funding given ongoing and difficult market conditions is a massive show of confidence and a significant reaffirmation of our partners commitment to the common goal – making non-custodial and permissionless asset management available to all.”

About Quasar Finance

Quasar Finance is an IBC-enabled, permissionless, non-custodial, and customizable vaults DAM protocol based on the Cosmos blockchain. The platform has put the blockchain through lengthy testing phases and is preparing to launch Questnet in the near future. Protocol empowers the management and accessibility of DeFi assets.

Reference

www.coindesk.com

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Written by

oguz

The author is a political science and public administration student at Kocaeli University. He is also studying Management Information Systems at Anadolu University. He met Blockchain technology and Cryptocurrencies for the first time in 2019. Interested in cryptocurrencies for over 2 years. In addition he provides E-commerce and social media marketing services.

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