Umee Protocol raises $6.3MM seed round for creating a Cross Chain DeFi Hub
The Umee network has been focused on building the next generation of Cross Chain DeFi primitives for the crypto ecosystem. We are more than excited to announce our most recent funding round for bootstrapping the Umee ecosystem!
The round was led by Polychain with participation from investors including Ideo Colab, Coinbase, Tendermint, Brian Kelly Capital Management, Alameda Research, CMS Holdings, Argonautic Ventures and Joe Lubin via Ethereal Ventures. Many influential groups throughout the Cosmos and Ethereum ecosystem have shown solid support for this project and we are looking forward to building out this platform.
With this new round of funding, we are confident in onboarding and further developing our protocol for new and innovative cross chain DeFi applications!
Our Focus
DeFi is changing the way applications interact on the blockchain. We saw tremendous growth and innovation throughout DeFi summer 2020 and we intend to continue the development around improving the ecosystem.
The Umee DeFi hub will focus on three key pillars:
Cross Chain Interest Rates
Introducing rate dynamics towards building the term structure of interest rates as they relate to crypto assets, using a combination of time value transformations and staking yields, with the goal of supporting crypto yield curves and staking curves.
Multi-Chain Staking
Allowing proof of stake assets to exist on multiple blockchain ecosystems for interacting with DeFi primitives and allowing proof of stake consensus to contribute to the money lego’s paradigm.
Interchain Leverage
Leveraging assets on one blockchain towards interfacing with assets on another blockchain for the purpose of improving capital efficiency and interoperability between chains.
Similar to how global finance is able to work across nations, we think that capital is able to interact across blockchains. Umee will take a multi-chain approach towards building out the ecosystem by incorporating tools such as layer 2 scaling solutions, side chain architectures, roll ups, and other base layer protocols for connecting between networks. We intend to introduce many novel DeFi primitives towards furthering our mission of open sourcing the capital markets!
About Umee Network
Umee was created by crypto veterans who wanted to see a new decentralized network that allows cross chain capabilities. Check out our initial release:
https://medium.com/umeeblog/introducing-umee-the-cross-chain-defi-hub-9f65eb5fec66
We’re constantly searching for folks who wish to help build out the Umee ecosystem. We are hiring full stack engineers, solidity developers, financial engineers, community advocates, and defi participants who wish to be a part of this decentralized future.
Please be on the lookout for further updates!
