DeFi startup InstaDApp closes $10 million funding round led by Standard Crypto

The company has raised $10 million in new funding through a token sale, led by Standard Crypto.

DeFi startup InstaDApp closes  million funding round led by Standard Crypto

InstaDApp is a startup building a so-called “middleware” layer for the decentralized financial space, The Block reported on June 11. The company has raised $10 million in new funding through a token sale led by Standard Crypto. Investors include DeFi Alliance, Longhash Ventures, and Andre Cronje, founder of Yearn.

A year and a half ago, InstaDApp closed a $2.4 million seed round with participation from Coinbase Ventures, Naval Ravikant and Pantera Capital.

In an email to The Block, co-founder Sowmay Jain said the new funding will be used to “complete the transition to the DeFi middleware layer and support ecosystem projects built on the Instadapp protocol.” InstaDApp is also InstaDApp is also preparing to launch a governance token, INST, as detailed in its April blog post, which reads.

After the token is released, the core team will hand over management of the protocol to DAO. community autonomy is critical, and the team will focus on building the necessary extensions and growing the protocol ecosystem.
The team told The Block that the company plans to launch the governance token at the end of June.

InstaDApp effectively acts as a gateway layer between users and the various DeFi protocols, allowing users to interact with different elements of the ecosystem through the startup’s unhosted platform. Its extended protocol plans include features such as Layer 2 integration.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/defi-startup-instadapp-closes-10-million-funding-round-led-by-standard-crypto/
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