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.

DISCLOSURE

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

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.