Krystal, a Singapore-based multi-chain platform to access decentralized finance (DeFi) services, raised $6.6M in seed funding.
The round was led by Hashed, with participation from Crypto.com, Signum Capital, BlockTower, HyperChain, Arrington Capital, LD Capital, DeFi Alliance, ArkStream Capital, Coin98, and a few angel investors.
Led by Sunny Jain (CEO), Krystal was initially incubated at Kyber Network and has since developed into a ‘one-stop shop’ platform for users to interact with different DeFi protocols on multiple blockchains.
It has already integrated popular decentralized exchange (DEX) protocols such as KyberDMM, Uniswap (V2 & V3), SushiSwap, PancakeSwap (V1 & V2) and QuickSwap to provide convenient trading access to over 40,000 tokens for its thousands of users.
Other key features that can be enjoyed directly within the platform include earning interest by interacting with Aave (V1 & V2), Compound & Venus Protocol, portfolio management, market insights, and a referral program with bonus incentives.
Krystal currently supports Ethereum, Binance Smart Chain and Polygon, with plans to quickly expand to other networks/chains such as Solana, Polkadot and Cronos.
The company will use the funds to expand the team and accelerate the product roadmap to empower users to better manage their portfolio across multiple DeFi services. Its immediate priorities include NFTs, adding more blockchains and improving access to passive income by allowing users to securely do staking, manage liquidity pools and yield farming.
FinSMEs
16/08/2021