Euler, a London UK-based DeFi lending protocol organization, raised $8M in Series A funding.
The round was led by Paradigm with participation from Lemniscap, Anthony Sassano, Ryan Sean Adams, Kain Warwick and Hasu.
The company intends to use the funds to grow its development team in anticipation of the protocol’s launch later this year and provide support to help integrate the protocol into the wider DeFi ecosystem.
Led by co-founder Michael Bentley, and co-founders, Jack Prior and Doug Hoyte, Euler provides a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. It features a number of innovations, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans and much more.
Euler was incubated by Encode Club, a worldwide community of blockchain developers primarily associated with universities.