April 9, 2024
OpenTrade, an on-chain institutional lending and yield products platform, has raised $3.2 million in seed funding. The round was led by a16z Crypto Startup Accelerator (CSX) and included participation from CMCC Global, Draper Dragon, Ryze Labs, and Plassa Capital. This round brings OpenTrade's total funding to $4.7 million. The company plans to use the new funds to expand its team across key functions and enhance its platform.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
---|---|---|---|---|---|---|
OpenTrade | $3.2M | Apr 9, 2024 | Seed | $4.7M | a16z | DeFi |
OpenTrade operates on the payment and decentralized finance (DeFi) infrastructure provided by Circle, the issuer of USDC and EURC. The platform enables regulated asset managers to create on-chain lending products that generate yield by depositing USDC or EURC into on-chain vaults with specific investment criteria and target yields. This allows centralized exchanges (CEXs) and neobanks to offer real-world asset (RWA)-backed yield products to their users within their existing platforms and apps.
The company, based in the UK, emerged from stealth mode in February 2023. Three months later, OpenTrade raised $1.5 million in funding led by Sino Global Capital, with additional support from Circle Ventures, Kronos Research, Kyber Ventures, Polygon Ventures, and Outlier Ventures. In September 2023, OpenTrade partnered with the crypto exchange WOO X to provide tokenized U.S. Treasury builds in Asian markets.
About OpenTrade
OpenTrade is a platform that provides on-chain institutional lending and yield products, leveraging the DeFi infrastructure from Circle. The platform allows regulated asset managers to create on-chain lending products backed by USDC and EURC. By integrating seamlessly with existing financial platforms, OpenTrade aims to enhance institutions' financial product accessibility and profitability.
Website:Â https://www.open-trade.io/
X Account:Â @opentrade_io
X Followers today:Â 1,924
X Followers 30 days ago: 1,374
X Follower change:Â 550 (+40%)
About Investor
Investor:Â a16z Crypto
Description:Â Â a16z Crypto Startup Accelerator (CSX) is part of Andreessen Horowitz's broader venture capital operations. The accelerator supports early-stage startups in the crypto and blockchain space, providing resources, mentorship, and funding to help them scale and innovate within the industry.
Location:Â United States
Website:Â https://a16zcrypto.com
LinkedIn: https://www.linkedin.com/company/a16zÂ
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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