Cryptocurrency startup Oasis has successfully raised $6 million in funding after an initial seed round of $5 million.
The fourth big project to emerge in 2019 is Oasis, a smart contract-based platform.
That allows DeFi participants to loan and increase their exposure to cryptocurrencies while also earning on their assets.
Coin Journal obtained the news from an Oasis news release, revealing that it succeeded in raising 6 million dollars.
During a Series A funding round, co-led by Libertus Capital and including additional investors.
The new investment will help Oasis.app scale its business and capitalize on the booming DeFi market.
The startup plans to use the funds to grow its team, expand its products and integrations, and build out its community.
Road Capital and other notable players in the DeFi space were among the investors.
Funds for overall development
Oasis receives the 6 million dollars in both cash and digital.
This round is a follow-up to the first round of 5 million dollars from UDHC Financing in June last year; when it pulls out of the Maker Foundation as part of its disbandment.
“We’re thrilled to have the support of some of the leading investors in the space; as we continue building Oasis and growing the DeFi ecosystem,” says Tim Ogilvie, CEO and co-founder of Oasis Labs.
“This new round of funding will help us accelerate our plans.
To bring easy-to-use products to market that make it simple for users to participate in DeFi.”
In the same vein, Libertus announces:
It is a thrilling experience to be working with the Oasis team; as they expand their product and tool suite to allow DeFi users to easily and securely deploy their funds.
The Oasis crew has thus far developed the no. 1 DeFi application for interacting with Maker Procotol; which is why we’re delighted to support them in using their world-class app.
In his own view, Chris Bradbury, Oasis.app CEO adds:
“So far, it’s been a fantastic trip. We’re proving our goal of becoming the most trusted platform for deploying and managing capital.
This present investment enables Oasis.app to expand on the features that our community will want next.
As a group, it is a privilege to be working with such incredible investors; who understand what this industry is about and are willing to give the necessary support.”
About Oasis and its app
Oasis.app is a DeFi platform, that could be utilized to promote crypto exposure, exchange tokens, or loan Dai against crypto.
It is, a cryptocurrency platform that allows users to pool their money and earn interest on it.
In just 6 months of its launch, the trading volume on the platform multiply and surpasses $1 billion.
The firm, a San Francisco-based startup that is building privacy-preserving decentralized applications (dApps).
Founded in 2019, did its first round of financing in June last year.
The app has seen over 100,000 downloads since its launch in December; and $1 billion worth of transactions have been processed.
“We’re seeing a lot of interest from people who want to park their crypto and earn interest on it; as well as from those who want to use it to get exposure.”
The new investment comes as DeFi is gaining mainstream traction.
According to a report from Deloitte, quite a number people are becoming interested in DeFI.
“We’re thrilled to have the support of Libertus Capital as we continue our mission to make crypto accessible to everyone,” says Jack.
With this latest funding, Oasis is making a strong statement of good return on investments, both for existing and potential investors.
From the look of things, the company is positioning itself as a major contender in DeFi platform space.