Germany-based fintech firm Unstoppable Finance has raised a 12.5 million euro (US$12.8 million) Series A financing round to develop its decentralized finance (DeFi) wallet "Ultimate."
The round, which was led by Lightspeed Venture Partners, included participation from Rockaway Blockchain Fund and Fabric Ventures. The Series A follows a 4.5 million euro seed round in October.
Ultimate is a self-custody wallet mobile app that offers access to a DeFi protocols with the aim of offering easy investing and trading to the masses. DeFi refers to financial activities carried out on a blockchain, without the help of third parties.
Unstoppable hopes to make DeFi more accessible for a mainstream audience by condensing the options available. Users will be able to use three protocols in the wallet's initial version: the Orca exchange for trading, Lido Finance for liquid staking and Friktion Finance for higher yields.
"Today’s DeFi users struggle to determine which protocols among the sea of options out there present legitimate opportunities that are fit for their risk profile," CEO Maximilian von Wallenberg-Pachaly told CoinDesk.
Lightspeed Ventures adviser Banafsheh Fathieh said she is confident Ultimate will be "the missing conduit" between DeFi and retail investors.
The app is set to be rolled out in private beta in the coming days, with a full roll out on iOS in a few months time. Unstoppable Finance plans to release it on Android thereafter. So far, around 300,000 users have pre-registered for access to the app when it is available.
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