Cosmos-Based DeFi Protocol Quasar Raises $5.4M

Venture capital firm Shima Capital led the round at a $70 million valuation.

AccessTimeIconJan 11, 2023 at 3:00 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The collapse of multibillion-dollar centralized crypto exchange FTX has renewed focus on the promise of decentralized finance. However, decentralized finance (DeFi) still has growing pains due, in part, to fragmentation across multiple blockchains – a problem addressed through interoperability-focused protocols.

Quasar Finance, a decentralized asset management protocol using the Inter Blockchain Communication (IBC) technology released by the Cosmos blockchain ecosystem, has raised $5.4 million in a funding round led by Shima Capital at a $70 million valuation. The protocol allows users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains.

  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • NEAR Launches Multichain Access
    15:12
    NEAR Launches Multichain Access
  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Crypto Market Leaders and Laggards in 2023
    01:50
    Crypto Market Leaders and Laggards in 2023
  • Other investors in the round included Polychain Capital, Blockchain Capital, HASH Capital, CIB and Osmosis co-founder Sunny Aggarwal, among others. The capital will go toward product development and scaling out the team, according to a press release provided to CoinDesk.

    Quasar plans to offer structured investment products for DeFi, starting with an automatically rebalancing index of the Cosmos ecosystem that supports the staking of assets. After months of private testing, Quasar will open its public testnet on Feb. 10.

    “Securing this funding given ongoing and difficult market conditions is a massive show of confidence and a significant reaffirmation of our partners commitment to the common goal – making non-custodial and permissionless asset management available to all,” said Quasar co-founder and CEO Valentin Pletnev in the press release.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    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.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.