Tag: Raises

Cosmos-Based Defi Protocol Nolus Raises 2.5M to Build the First Cross-Chain Defi Lease

by Blockchain News

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George Town, BVI, May 2nd, 2023, Chainwire

The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets.

Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets. 

The recently concluded $20 million valuation seed funding is backed by Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, and will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem. The Advisory Board members Zaki Manian, Strangelove, and Shane Molidor will ensure Nolus solidify its cross-chain presence.

The novel DeFi Lease solution by Nolus unlocks the full potential of crypto money markets by reducing the industry’s steep over-collateralization requirements, resulting in significantly improved capital efficiency and much more favorable lending options for users. The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets through whitelisted yield-bearing strategies. With the added support of liquid staking derivatives, the Nolus protocol will create a cornerstone use case for LSDs for the Cosmos ecosystem in the form of self-repaying loans.

About Nolus

Nolus defines a money market between lenders looking to earn yield on deposited stablecoins and borrowers looking to amplify holdings with more assets than their current equity at lower risk and retained ownership.

The Protocol utilizes a semi-permissioned PoS blockchain built using the Cosmos SDK and a WASM smart contract engine that executes in an isolated sandbox model focused on interoperability, security and performance. Interoperability itself is at the core of Nolus’ offering as the Protocol utilizes IBC and Interchain Accounts to tap into a diverse set of liquidity hubs without creating fragmentation across chains.

After months of testing, Nolus will open its public mainnet in May.

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Contact

Marketing and Communications
Nolus Protocol
comms@nolus.io

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Galaxy Interactive raises another $325M fund aimed at Metaverse and next gen games

by Cointelegraph

Galaxy Interactive, a venture capital firm focused on next-generation interactive technology, has announced it has raised $325 million for its second fund from 70 different investors.

The fund is focused on virtual and augmented reality, artificial intelligence and blockchain-based games.

In a Tuesday announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies, including Republic, 1047 Games, Elodie, Roar, Art Blocks and Masterworks, with other additional investments to be announced in coming months.

Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.

Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and building a metaverse, as Englebardt believes digital ownership via nonfungible tokens (NFT) is a foundational pillar for a more immersive version of the internet.

Mike Novogratz, founder and CEO of Galaxy Digital, said the two general partners had seen the potential of the sector very early on:

“They [Englebardt and Kim] were the first people to pound my desk, insisting that gaming and digital objects — which weren’t even called ‘NFTs’ yet — would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”

Related: Bitfury CEO confirms IPO considerations are part of expansion plans

Money is flowing into the sector, with Bitkraft Ventures, one of the biggest investors in gaming and esports startups, launching a $75-million token fund earlier this month focused on blockchain gaming and digital entertainment.

Outside of interactive content, reports surfaced on Wednesday that Multicoin Capital intends to have raised $250 million by the end of 2021 for a third venture fund aimed at crypto startups.

In June, Andreessen Horowitz raised its third crypto fund, at a $2.2billion valuation, making it the biggest-ever crypto venture fund.