Quasar Finance, an asset management protocol, raised $5.4 million in a funding round led by Shima Capital. Osmosis co-founder Sunny Aggarwal, Polychain Capital, Blockchain Capital, HASH Capital, and CIB were among other investors in the round. In an interview with CoinDesk, the funding will be used for team expansion and product development.
What is Quasar Finance?
Quasar, a Cosmos-based DeFi protocol, allows users to create independent asset containers called vaults that can link tokens together and enable data transfer between chains. Quasar aims to provide structured investment products for DeFi, starting with an index of the Cosmos network that automatically rebalances and supports asset staking. In addition, Quasar announced that it would launch its public testnet on February 10th after months of private testing.