[PRESS RELEASE – Singapore, Singapore, 10th June 2021]
Unbound Finance has secured $5.8 million in investment from leading crypto investors, including Pantera Capital and Arrington XRP Capital, to support the firm and become the first-ever decentralized cross-chain stablecoin.
Unbound is aiming to create capital-efficient products that are both native and composable to the DeFi ecosystem. The liquidation-free collateralization platform allows users to borrow interest-free loans against liquidity pool tokens as collateral. Through strategic partnerships, the project is building native bridges to allow cross-chain transfers of its stablecoin and other synthetic assets.
“AMMs are DeFi’s Zero to One Innovation and we are building the aggregator layer to enable greater yields & capital efficiency for our users,” said Tarun Jaswani, CEO and Founder of Unbound Finance.
The Defi project is backed by leading venture capitalists in the blockchain ecosystem including Pantera Capital, Arrington XRP Capital, CMS Holdings, Hashed, LedgerPrime, LD Capital, TRGC, ArkStream Capital, ZeePrime Capital, Future Perfect Ventures, Brilliance Ventures, Woodstock, Coin98 Ventures & GenBlock Digital to name a few.
“Unbound has great potential to play a lead role in the DeFi space by focusing on liquidity pool tokens. We’re excited to support the Unbound team as they build the key tools to capitalize upon this untouched part of the DeFi ecosystem” — Dan Morehead, CEO Pantera Capital.
“Unbound Finance is new primitive with the potential to unlock billions in unproductive value trapped in AMMs. We’re excited about the launch of Unbound as a fundamentally new mechanism for borrowing, lending and synthetic assets in DeFi.” — Michael Arrington, Founder TechCrunch
The Angel investors that have also invested include founders of Angelist, Enjin, Gnosis, Kyber Network, Polygon, Harmony, Frontier, Wikihow, DFYN, Dao-Maker, TomoChain, and Polkastarter amongst many others.
“Unbound’s dedicated development team has created something that makes all AMMs efficient and will make interesting money legos in the space further.” – Sandeep Nailwal, COO & Co-Founder Polygon.
“We are delighted to support Team Unbound in realizing its vision of becoming the native decentralized stablecoin of the DeFi & AMM space” – Maxim Blagov CEO & Co-Founder Enjin.
Unbound is a protocol that leverages the liquidity lying idle in the wallets of AMM liquidity providers and enables interest free crypto loans in the form of its native stablecoin $UND and other synthetic assets. Going live first on Ethereum, the protocol currently supports AMMs like Uniswap, Balancer, MooniSwap, and Sushiswap. Strategic partnerships with EVM-compatible public blockchains, like Binance Smart Chain, Polygon and Harmony will support AMMs like PancakeSwap, DFYN, and SeeSwap, among others.
Unbound’s ‘DeFi Treasury For Liquidity Pool Tokens’ went live with its first testnet in December 2020 and recently launched its final Zeta testnet in April 2021. It is one of the first projects to integrate Uniswap V3 and is in the process of launching aggregator contracts for concentrated liquidity provision. These doorway contracts will be used to collateralize the NFT positions, enabling further liquidity into UND.
The funding will be used to propel the development and growth of our protocol. The use of funds will be used for the expansion of the Unbound team, audits, adoption, liquidity provision and R&D hyper-focused towards the AMM space. The influx of capital will also provide an opportunity to fuel new initiatives, including the aggregation contracts for Uniswap V3.
Uniswap V3 testnet: https://v3.unbound.finance