Concordia, a multi-chain threat and collateral administration protocol for digital property, has raised $4 million in a seed funding spherical co-led by Tribe Capital and Kraken Ventures, with Cypher Capital and Saison Capital among the many different individuals.
The fundraise follows the protocol’s public testnet launch on Aptos earlier this month. The mainnet launch is anticipated to observe inside the subsequent a number of months, and Concordia will concurrently launch on further chains.
Because the so-called “DeFi Summer time” of 2020, decentralized finance has grown more and more fragmented, making it troublesome for customers to switch property or entry liquidity between blockchains. Cross-chain bridges might help with this downside, however are additionally a hotbed of safety dangers. Streamlining the method, lowering the dangers and introducing compliance might carry extra decentralized and conventional finance (TradFi) gamers into the house.
Concordia needs to make it simpler for customers to entry and handle cross-chain liquidity and collateral. The protocol additionally gives customers a less complicated strategy to handle the collateral used for margin buying and selling, a way of utilizing borrowed cash to purchase or promote property for a possible revenue. Concordia customers can handle that collateral from a single account and switch property from a number of blockchains with out the necessity for wrapped tokens or bridges. The underlying software programming interface (API) structure is modular – institutional traders, for instance, might choose and select what options they wish to use. Builders who wish to construct utilizing Concordia have entry to the protocol’s shared swimming pools of liquidity.
“We’re on a path to combine throughout DeFi and TradFi,” stated Thomas Ruble, chief know-how officer of Concordia, in a press release. “To maneuver actual property on the velocity of frictionless blockchains is the objective everybody needs. Simply as Principal Road and Wall Road each take pleasure in the identical World Vast Net, they’ve an equal curiosity in a single international monetary cloth.”
