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Hashstack Finance has announced the closure of a $1 million seed funding round. The funds will be used for the development of the Open Protocol, hiring top talent and bolstering the community’s growth.
Hashstack Finance is a decentralized finance (DeFi) platform with an Open Protocol to allow people to participate in the lending market. The platform provides under-collateralized loans. Retail cryptocurrency investors can receive loans of up to three times their collateral to meet their short-term needs.
$1 million seed funding round
The $1 million seed funding round has seen the participation of some of the most popular investment firms such as Moonrock Capital, Kane & Rao Group, Nimrod Lehavi, MarketAcross and Chainridge Capital.
The founder of Hashstack Finance, Vinay, has commented on this funding round saying,
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 & growth.
Hashstack has differentiated itself in the DeFi space by being the only lending solution that provides loans with an up to 1:3 collateral-to-loan ratio. With collateral of $100, a user can receive a loan of up to $300.
The General Partner at Kane & Rao, Kevin Kurian, has commended the protocol for providing a unique solution in the market. Kurian noted that Hashstack had what was needed to bring its idea to life through this capital.
Hashstack is working towards the future of DeFi
The current DeFi space is not as advanced as it could potentially be. The current market calls for high loan collaterals, which can be hard for an ordinary retail investor to acquire. However, Hashstack Finance is stepping in to give its borrowers a glimpse into what the future of DeFi could look like.
Nimrod Lehavi, the CEO of Simplex, commented on this development, saying,
DeFi lending is at its inflection point. Hashstack smartly circumvents the need for on-chain credit score in order to facilitate under-collateralized loans. Hashstack has the potential to be one of the pioneers of Layer-3 enabler solutions.
The post Hashstack Finance closes a $1 million seed funding round appeared first on Invezz.
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