Ondo Finance, Founders Fund, Pantera invest $20 million
Ondo Finance is a cryptocurrency firm that aims to establish a decentralized investment bank. As well as providing bespoke financial services to both institutional and retail investors receives $20 million in its Series A funding round.
The fund was jointly led by Founders Fund, a venture capital outfit co-founded by Thiel Peter, and Pantera Capital; a blockchain-specialized institutional asset management firm.
Others are, Coinbase Ventures, GoldenTree Capital, Tiger Global Management, Wintermute Advisors, Flow Traders, and Steel Perlot invested in the round as key investors, Ondo Finance states in a press release.
Last August, Ondo announces a $4 million seed round piloted by Pantera Capital.
With the new strategic partnership. Ondo Finance plans to fuel the development of its technology stack and expand its team of engineers, product managers, and UX designers.
The startup will also focus on launching its app later this year. Ondo Finance states that its ultimate goal is to provide “seamless access to a full suite of financial services” for its users.
The money will aid the development of broader efforts. To accelerate the mainstream embrace of decentralized finance (DeFi) in the financial sector.
The company also intends to introduce new goods and improve its existing product range. Which includes decentralized structured products and Liquidity-as-a-Service.
Ondo Finance, currently in beta, aims to develop a full suite of financial services that are seamlessly integrated into the Ondo app. The company’s ultimate goal is to create an accessible and user-friendly platform for everyday investors.
“Vaults”, which are collections of DeFi solutions combined with varying levels of risk, have grown in popularity. Ondo wants to expand the number and accessibility of its offerings.
“We are happy to observe the request for Ondo’s community vaults and Liquidity-as-a-Service requirement. Which is a simple MVP without liquidity mining or other inducements from us,” remarks Nathan Allman, the startup’s CEO.
Ondo will soon offer more Vaults with different risk profiles and begin to roll out its lending products.
“We’re focusing on solving existing problems that exist in the market,” he says. “We’re already working on new products that will make it even easier for passive investors to gain exposure to DeFi yields.”
According to Allman, the new products will come with customized risk levels and will include vaults for algorithmic stablecoins and blockchains. Ondo is also developing an automated market maker (AMM) to power its lending products.
“We’re excited to be partnering with some of the best investors in the space. Who share our vision for building a simple, user-friendly gateway into DeFi,” says Allman.
Ondo Finance is a fast-growing fintech startup that has recently attracted significant investment from top venture capital firms like Founders Fund and Pantera.
Earlier this month, Ondo Finance announces that it has raised $20 million in funding from these prominent investors. Who are betting on the company to make a big impact in the financial technology space.
With its fresh injection of capital, Ondo Finance plans to continue growing its team and building out its suite of products.
The startup is currently focused on developing stablecoins and powering lending products with an automated market maker (AMM). Ondo’s ultimate goal is to make financial services more accessible and affordable for everyone, regardless of their income or location.
With this latest funding round, Ondo Finance is positioning itself as a company to watch. Whether you are an entrepreneur, a trader, an enthusiast, or an investor.