Hashstack Finance has closed a $1 million seed funding round, CryptoAdvisor learned from a press release. This comes shortly after the launch of its Open Protocol testnet. Hashstack will use the proceeds to grow the community, develop the Open Protocol, and attract top talent.
The seed round saw involvement from Kane & Rao Group, Nimrod Lehavi, GHAF Capital Partners, Moonrock Capital, MarketAcross, and Chainridge Capital.
Swapping possible without switching dApps
Hashstack integrates with PancakeSwap and other DeFi solutions to improve loan use and facilitate in-app market swaps.
Borrowers can exchange tokens without the need to switch the dApp. Open Protocol also bridges assets from Ethereum, Avalanche, and other blockchains to expand primary markets.
Hashstack Finance founder Vinay said:
Bringing under-collateralization to the DeFi is critical to our mission at Hashstack. We are grateful to be backed by some of the smartest money in this ecosystem. The funds raised will be utilized towards talent acquisition, product development and growth.
Hashstack offers the only autonomous lending solution in DeFi that enables non-custodial loans with up to 1:3 collateral-to-loan ratio.
Kevin Kurian, General Partner at Kane & Rao Group pointed out:
Getting the maximum value out of your assets is essential in any market. Hashstack offers a solution that the market has not really seen before. We backed Vinay and his team at Hashstack with our capital to bring forward these new ideas.
Feras El Sadek of GHAF Capital Partners added:
We at Ghaf Capital are very excited to back Hashstack as we view them as an essential cog in the crypto ecosystem, solving major issues to allow the blockchain space to go mainstream, making crypto accessible and affordable to billions of people all over the world. We always push start-ups to do more and help support their growth continuously. It’s great to see others be a part of our company’s mission.
Apart from under-collateralized loans, Open Protocol applies two further approaches to accelerate the growth of DeFi lending: clear compartmentalisation of APY and APR of deposits and loans and effective asset utilization through diversification of available assets.
At first, Open Protocol will support only major assets with high liquidity like BTC, BNB, USDT, USDC, and HASH, the native token of Hashstack.