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Finance

DeFi Protocol Linear Finance Raises $1.8M in Seed Round

NGC Ventures, Hashed, CMS Holdings, Genesis Block and Kenetic Capital led the round.

By Sebastian Sinclair
AccessTimeIconSep 9, 2020 at 9:10 a.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
(Shutterstock)
(Shutterstock)

Decentralized finance (DeFi) protocol Linear Finance announced the completion of a $1.8 million seed round Wednesday.

  • NGC Ventures, Hashed, CMS Holdings, Genesis Block and Kenetic Capital led the investment, while Alameda Research, Evernew Capital, Soul Capital, Moonrock Capital, Black Edge Capital and PANONY also participated, according to a press release.
  • Alongside their investments, NGC founding partner Tony Gu and Hashed co-founder Ryan Kim will join Linear's advisory board.
  • The funding will go towards accelerating the development of Linear's testnet and mainnet, as well as promoting its platform, the protocol's team said in a press release.
  • Linear claims to be the first cross-chain compatible, decentralized delta-one asset protocol that can create, trade, and manage synthetic assets.
  • “With DeFi, we are experiencing one of the most significant and important shifts in our cryptocurrency ecosystem," said Linear co-founder Kevin Tai.
  • Linear's new investors bring experience in areas including financial innovation, key market expansion and roadmaps to institutional liquidity, Tai added.
  • Linear Finance has begun integrating with Binance Smart Chain as a layer-two solution to solve challenges facing existing synthetic asset protocols, according to the announcement.
  • The protocol is already working with existing DeFi projects, having announced last week a partnership with oracle network for off-chain data, Tellor.
  • The public sale of Linear's tokens is expected in mid-September, a spokesperson told CoinDesk.
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    • Correction (Sept. 8, 11:18 UTC): Corrected detail of which investors led the funding round.

    See also: ParaFi Invests and Begins Staking in Bitfinex Spin-Out Exchange

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.