– Quasar Finance, a decentralized asset management protocol, has raised $5.4 million in a funding round led by Shima Capital at a $70 million valuation.
– Quasar utilizes the Inter Blockchain Communication (IBC) technology released by the Cosmos blockchain ecosystem to allow users to create and join vaults.
– The capital will go towards product development and scaling out the team.
Quasar Finance, a decentralized asset management protocol, has recently raised $5.4 million in a venture capital round led by Shima Capital, valuing the protocol at $70 million. Quasar Finance is built on the Inter Blockchain Communication (IBC) technology released by the Cosmos blockchain ecosystem, allowing users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains.
The funding round was joined by other prominent investors such as Polychain Capital, Blockchain Capital, HASH Capital, and Osmosis co-founder Sunny Aggarwal. The capital will be utilized to further develop the protocol and scale out the team.
Quasar plans to offer structured investment products for DeFi, starting with an automatically rebalancing index of the Cosmos ecosystem that supports the staking of assets. After months of development, Quasar will enable users to trade and manage digital assets across multiple chains with a single interface. The protocol will also provide users with access to a wide range of financial services, including derivatives, lending, borrowing, and yield farming.
By leveraging the IBC protocol, Quasar can take advantage of the security, scalability, and liquidity of the Cosmos ecosystem, allowing users to transact with greater speed and efficiency. As the DeFi space continues to evolve and mature, Quasar hopes to provide the infrastructure necessary to promote cross-chain compatibility.
As the world moves towards a more decentralized future, protocols such as Quasar Finance are paving the way towards greater financial inclusion and autonomy. With the recent funding round and the ability to offer a wide range of financial services, Quasar is poised to make major strides in the DeFi space.