Sommelier, a San Francisco, CA-based decentralized finance (DeFi) blockchain protocol and Ethereum bridge that acts as a co-processor to the Ethereum world computer, raised $3.5M in seed funding.
The round was led by Standard Crypto with participation from Multicoin Capital, Alameda Ventures, Proper Cygni and Power Planet Holdings.
The company intends to use the funds for the development of its multichain protocol and its flagship decentralized finance (DeFi) applications, which are expected to launch in Q1 2021.
Founded in 2020 by Zaki Manian, a lead developer on the Cosmos protocol and Tendermint, and a team of Ethereum and Cosmos developers Sommelier is a coprocessor for DeFi traders and Liquidity Providers (LPs). It consists of the Cosmos Stargate SDK, its Tendermint-based consensus layer and a decentralized, bi-directional Ethereum bridge, managed by a global network of validators. Liquidity Providers will be able to use the Sommelier to author and execute complex, and automated financial transactions, such as portfolio rebalancing, limit orders, as well as a host of other features that token holders have come to expect from CeFi, but that are not currently available in DeFi.
Sommelier is currently in testnet and actively seeking new contributors.