DeFi tool Umee closes $6.3 million seed funding round

The company has raised $6.3 million from Polychain, Coinbase and others.

DeFi tool Umee closes .3 million seed funding round

A new protocol startup that is looking to become a hub for decentralized finance (DeFi) has raised $6.3 million from Polychain, Coinbase and others, The Block reported June 16.

Umee hopes to become a “cross-chain DeFi hub” by creating cross-chain and cross-venue interoperability tools for DeFi users.

Umee’s CEO Brent Xu previously worked at Tendermint, where he helped build its Cosmos blockchain and interoperable blockchain communication protocols that link different blockchains. Prior to his involvement in cryptocurrencies, he traded bonds, after which he also worked at Consensys. Umee is a combination of all of these backgrounds, he says, making it “part fixed income trading, part ethereum, part Cosmos proof of stake.

Umee’s idea is that as developers build on the initial product, Umee will become a hub for other DeFi tools, but its initial focus is on three areas: building cross-chain rates, inter-chain leverage and multi-chain staking.

He stated.

Just as the Federal Reserve sets the prime rate, we want to set benchmark rates and basic tools that can exist as fundamental building blocks. We want to attract developers from other ecosystems to develop these tools.
This seed round of funding will allow the Umee team to bring in more developers to prepare for the main network protocol. Because of its focus on interoperability, the project has three development components – Cosmos mainnet, Ether mainnet and Gravity Bridge – which allow interoperability between the two blockchains and other blockchains.

Umee will also use the funding to merge other networks that may benefit from cross-chain hubs. This means exploring scaling solutions for ethereum, such as various roll-ups.

ConsenSys and Tendermint were both seed round investors in Umee, with additional participants in the second round of funding including CMS, Ideo Colab, Brian Kelly Capital Management, Alameda Research and Argonautic Ventures.

Brent said the Umee team is discussing a late third quarter or early fourth quarter launch date for the main network.

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