Ondo Finance Raises $4M in Funding

Ondo Finance

Ondo Finance, a New York-based deFi protocol startup, raised $4M in funding.

The round was led by Pantera Capital with participation from Genesis, Digital Currency Group, CMS, CoinFund, Chapter One, Bixin, Divergence, Protoscale Capital, The LAO, Stani Kulechov, Josh Hannah, Richard Ma, Diogo Monica, and Christy Choi.

The company intends to use the funds to accelerate DeFi adoption among mainstream investors by enabling the granular exchange of risk.

Founded by Nathan Allman and Pinku Surana, both formerly of Goldman Sachs, Ondo Finance provides a decentralized finance (DeFI) platform which gives users a choice between downside protection and higher returns by introducing pooled liquidity with multiple investment classes. Ondo launched its first Vaults in late July with a cap on invested assets as a security precaution. Prior to launch, Ondo completed security audits from Quantstamp, Peckshield, and Certik. Today, the company has launched four more Vaults with an increased $10m cap on invested assets, including Vaults offering 10% fixed APY on USD stablecoins and 50% fixed APY on ETH.

The team includes alumni from Facebook, Microsoft, Symbiont, BadgerDAO, private equity funds, hedge funds, and various venture-backed startups.

FinSMEs

18/08/2021