Duet Protocol closes $3 million strategic round of financing

Duet Protocol, a synthetic asset protocol that migrates traditional equity assets to crypto assets, announced the closing of its first round of funding with $3 million from prominent strategic investors, according to Zycrypto on May 10. Investors include DraperDragon, BIT Digital Inc (Nasdaq…

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Investors include DraperDragon, BIT Digital Inc (NASDAQ-listed), Everest Ventures Group, OmniLAB, One Block Capital, Dutch Crypto Investors, LD Capital, Zonff Partners, Cabin VC, ArkStream Capital and Moonwhale Ventures. In addition, A&T Capital Partners participated as an individual investor.

Through Defi, the Duet agreement aims to build a bridge between the traditional stock market and the cryptocurrency market. Compared to FTX and Cryptocurrency, Duet Protocol will provide users with more outstanding features. The platform has no barrier to use, no programming costs and no single point of risk.

In addition, the platform system can enable multiple collateral through a decentralized CDP, thus reducing the risk for minters and improving scalability.

The Duet protocol is designed with interoperability in mind, ensuring that no one is excluded from the cryptocurrency industry outside of the traditional stock market. According to the press release.

Duet accepts all types of synthetic assets, has a broader ecosystem, and supports Ether, Coin Smartchain and other EVM compatible blockchains.
Another unique design is that Duet protocol offers transferable dAsset that can be used in other DeFi protocols. this is a milestone advancement. Platform investments are becoming diversified, especially for traditional stock market customers.

However, the company says it still has a long way to go and needs more financial support. Currently, the platform faces a number of challenges in the market, such as strengthening minting incentives, increasing asset liquidity and optimizing capital efficiency.

The Duet protocol team has expanded the range of acceptable assets. In addition, the platform developed the DUET token. Notably, Duet protocol is built on top of the ethereum network, but plans to introduce the network to a different ecosystem.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/duet-protocol-closes-3-million-strategic-round-of-financing/
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