Tribe Capital and Kraken Ventures led a $4 million fundraising round for Concordia, a multi-chain risk and collateral management system for digital assets. In the round, Cypher Capital and Saison Capital also took part.
DeFi Loan Protocol Concordia Announces Raising $4 Million in a Funding Round
The fundraising comes after the public testnet rollout of the protocol on Aptos earlier this month. Within the following few months, the mainnet launch is anticipated to happen, and Concordia will also launch on more chains at the same time.
DeFi Summer
Decentralized finance has been more dispersed since the so-called DeFi Summer of 2020, making it challenging for users to transfer assets or access liquidity between blockchains. Cross-chain bridges are a solution to this issue but also a security risk area. More decentralized and traditional finance (TradFi) businesses may enter the market as a result of process streamlining, risk mitigation, and compliance measures.
What does Concordia Provide?
Users should be able to obtain and manage cross-chain liquidity and collateral more easily with the help of Concordia. The protocol also gives customers a more convenient way to handle the collateral required for margin trading, a strategy for potentially profitable asset purchases and sales utilizing borrowed funds. Users of Concordia can transfer assets from different blockchains without the usage of wrapped tokens or bridges and manage that collateral from a single account.
We’re on a path to integrate across DeFi and TradFi. To move real assets at the speed of frictionless blockchains is the goal everyone wants. Just as Main Street and Wall Street both enjoy the same World Wide Web, they have an equal interest in one global financial fabric.
Thomas Ruble, Chief Technology Officer Of Concordia
About Concordia
A modular risk and collateral management system, Concordia unifies and makes it possible to collateralize digital assets across many chains. The Concordia protocol eliminates fragmentation of collateral, provides simplified collateral administration with a single account for margining, and minimizes risk across the whole asset portfolio.
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