DeFiDollar secures investment under the $100M fund set-up to support projects building on Binance Smart Chain
DefiDollar — The DeFi Protocol Lab, the innovative team behind DUSD and ibBTC, has secured an undisclosed amount of investment under the $100M fund set up to boost the DeFi ecosystem on Binance Smart Chain.
The investment is a strategic move to further enhance the decentralized finance ecosystem by supporting a team like DefiDollar delivering exciting products that enable — indexes, yield diversification and better capital efficiency.
DefiDollar has a wide ranging product suite, of which the first to go live is the stablecoin index — DUSD, It mitigates the risk of volatility and systemic failure to stablecoin holdings by creating an index initially backed by Curve LP tokens. DUSD leverages the composability of DeFi protocols to enable multiple streams of yield for its LP’s.
Other emerging initiatives from DefiDollar include ibBTC — An interest bearing BTC product being built in collaboration with BadgerDAO. Opeth — A put option fused with underlying collateral that will enable capital efficient stablecoin loans is also in the works.
DefiDollar’s Savings Account provides a risk mitigated way to earn interest on your stablecoin holdings. While ibBTC helps users earn interest on their BTC while unlocking the option to be used as collateral on multiple protocols.
“We aim to create value for users via our DeFi focused product suite. Our future roadmap revolves around launching value-added products like ibBTC and Opeth. These will help the protocol serve a wider audience and help users to access the composable power of DeFi in an intuitive and easy to use manner.” said Siddhartha Jain, COO and Co-Founder of DefiDollar.
“We are planning to expand our multi-chain presence and have launched the protocol and savings account on BSC which allows access to users who previously got priced out due to high fees.” he added.
With this investment, DefiDollar will create value across the full spectrum of DeFi activity on BSC, from the savings product to ibBTC in order to add to the unique experiences that BSC makes possible for its users.
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About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain with Ethereum Virtual Machine (EVM) compatible programmability. It is designed to run in parallel with Binance Chain (BC). Binance Smart Chain retains the BC’s fast execution times and low transaction fees while adding smart contracts functionality to support compatible dApps.
For more information on Binance Smart Chain, please visit https://www.binance.org/#smartChain.
