Decentralized finance (DeFi) protocol Impossible Finance (IF) has raised $7 million via a seed funding round with participation from a bevy of institutional and angel investors, including several high-profile firms, according to a blog post on Thursday.

  • The seed round of Impossible Finance, which launched on Binance Smart Chain (BSC) last month, was led by notable investors including True Ventures, CMS Holdings, Alameda Research and Hashed.
  • It will use the funding to flesh out its offerings and build a multi-chain ecosystem for "promoting growth of DeFi liquidity and composability."
  • Among the other over 125 investors were Sino Global Capital, IOSG, Divergence, GBV, Coin98, Lemniscap, Primitive and Incuba.
  • IF has the markings of a typical DeFi project, including the ability to stake on the network, token swaps and access to liquidity pools. Additionally, the project plans to become an incubator for other DeFi protocols.
  • "Creating a YCombinator-esque platform for teams building in [DeFi] will help take the ideas of developers and materialize them into working products," said CMS Holdings in a statement included in the blog post.

See also: Lithium Raises $5M for Decentralized Oracle Tracking Private Assets

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.