Cosmos-based DeFi Protocol Quasar Closes $5.4 Million Funding Round Led By Shima Capital

Key Points:

• Quasar, a Cosmos-based DeFi protocol, closed a $5.4 million round of funding at a $70 million valuation led by Shima Capital. The funds raised will be used for product development and scaling the team.
• Users can create and join vaults, or independent asset containers, with Quasar Finance, a decentralized asset management protocol using the IBC technology that was released by the Cosmos blockchain ecosystem.
• Prior to this fundraising round, Polychain Capital, Blockchain Capital, Figment Capital, and others contributed $6 million to the project.

Quasar has successfully raised $5,432,100 (countdown intended) for its bridge round, with a $70 million valuation.

A $5.4 million fundraising round headed by Shima Capital and including participation from Polychain Capital, Blockchain Capital, HASH Capital, CIB, and others was completed for Quasar, a Cosmos-based DeFi protocol. The fund received will go toward expanding the team and developing new products.

Alex Lin, Head of Research and Investor at Shima Capital, said:

“Quasar is an irreplaceable cornerstone of Cosmos and is a critical unlock for DeFi across IBC protocols. Quasar not only solves for the ecosystem’s fragmented capital shortcomings but also provides cutting-edge, secure financial mechanisms for a diverse user base. Valeyo and his team fundamentally redefines on-chain asset management and establishes Quasar as a strong precedent for the next generation of DeFi applications.”

Prior to this fundraising round, Polychain Capital, Blockchain Capital, Figment Capital, and others contributed $6 million to Quasar Finance in July 2022.

For the development of its interchain D.A.M (decentralized asset management) protocol, which is supported by IBC-enabled smart contracts and a specialized Cosmos appchain, the project raised a total of more than $11.5 million. It is the only D.A.M appchain designed around IBC-enabled, permissionless, non-custodial, customizable vaults.

Users can create and join vaults, or independent asset containers, with Quasar Finance, a decentralized asset management protocol using the IBC technology that was released by the Cosmos blockchain ecosystem. Vaults are independent asset containers that can connect tokens and allow data transfers between chains. On February 10, the protocol will launch its public testnet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News