The Decentralized Finance (DeFi) portal, InstaDApp, has generated $2.4 million in a seed round that attracted a batch of high-profile strategic investors.
Notable investors that participated in the round included IDEO CoLab, Pantera Capital, and Robot Ventures. Compound Finance’s Robert Leshner led the investors. In addition, the seed round also attracted some thought leaders in the crypto space, such as AngelList CEO Naval Ravikant, Loi Luu who is the co-founder of Kyber Network, and Balaji Srinivasan, former CTO at Coinbase.
What Does InstaDApp Do?
InstaDApp aims to make Decentralized Finance more accessible by simplifying the relationship between several DeFi protocols. The Indian-based service is a brainchild of two young people, Sowmay 21 and Samyak Jain 19, both residents of Andhra Pradesh.
The service seeks to bridge the gap between mainstream lending DAOs Compound and Maker to provide users with the opportunity to switch their debt positions between the protocols in a shorter period. Currently, the service is in the fourth position based on the dollar value it holds in its contracts, amounting to $31 million. It follows MakerDAO, Compound, and Synthetix, which are in the third, second, and first positions respectively.
InstaDApp Explosive Growth
In July 2019, InstaDApp experienced exponential growth that saw its locked dollar value grow from less than $5 million to $42 million in less than one month. Since then, the dollar value locked in its contracts has remained constant, as DeFi Pulse earlier reported.
Speaking about the new development, Coinbase former CTO Balaji Srinivasan said:
“InstaDApp is a very talented team out of India looking to make decentralized finance more accessible.”
InstaDApp co-founder, Sowmay Jain, said that they would continue to build the service to allow the public to reap maximum benefit from their decentralized assets.
“Along with our investors and community, we look forward to building the next generation of systems that will allow the masses to make the most of their decentralized assets,” Jain said.
With InstaDApp, users can deposit crypto assets and earn variable interest over time. They can also increase the exposure by trading on margin with borrowed capital. Direct borrowings without waiting, as well as instant token swaps are integral parts of the service.
Featured Image: Medium
