NEW: Peter Thiel's Founders Fund co-leads $20 million Series A for Ondo Finance (via Yogita_Khatri5)
Ondo Finance has raised $20 million in new funding as it looks to build a decentralized investment bank.Ondo Finance, a crypto startup that provides structured products built on top of decentralized exchanges, has raised $20 million in Series A funding as it looks to build a decentralized investment bank.
Other investors in Ondo's Series A funding included Coinbase Ventures, Tiger Global, GoldenTree Asset Management, Wintermute, Flow Traders and Steel Perlot, a deep tech management company led by former Google CEO Eric Schmidt.Ondo provides investment products known as"vaults" built on top of decentralized exchanges. It offers two types of vaults: fixed yield and variable yield. Depositors in fixed yield vaults receive a fixed percentage of yield over their initial investment.
"The goal is to help DAOs establish their own liquidity without having to rely on liquidity mining or market making firms," he said, adding that these can be"both expensive and unsustainable." Ondo currently only supports Ethereum-based protocols on its platform, but that is about to change. The platform plans to integrate several Layer 2 networks and alternative Layer 1s in the near future, said Allman.DeFi LlamaOndo plans to expand its team of around 20 people by hiring across various functions, including engineering, design, marketing and business development.raised
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