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.
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 offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.