InstaDApp, a digital banking platform for DeFi protocols, recently announced it has raised US$2.4 million during a seed funding round.
According to TheBlockCrypto, InstaDApp allows users to carry out activities such as borrowing, lending, and swapping their assets using decentralized finance protocols (DeFi) like MakerDAO and Compound.
Sowmay Jain, co-founder of InstaDApp, revealed in a blog post that the company has attracted interest from many investors during the funding round, stating:
“To help us continue our quest to make DeFi accessible to the masses, we have raised a seed round of US$2.4M from a network of strategic investors, including Pantera Capital, Naval Ravikant, Balaji Srinivasan, Coinbase Ventures, IDEO Colab, Robot Ventures (Robert Leshner of Compound Finance), Loi Luu (Kyber Network), amongst many others.”
Jain and his brother Samyak, who helped found InstaDApp, are both keen to promote DeFi as they have found the traditional finance system to be too restrictive.
“We dropped out of school to become full-on ‘native defi’. A big reason was we realized that the traditional finance systems […] were slow to innovate, extremely restrictive, tightly controlled by financial giants, and bound by geographical constraints,” Jain wrote in the blog post.
Meanwhile, investors in the funding round, such as Paul Veradittakit, Partner at Pantera, expressed optimism for the company.
“InstaDapp stands out from everything else we have seen in the space so far,” Veradittakit said. “We believe they’re the right team to push the future of DeFi forward and help the next wave of users to onboard to the open financial ecosystem.”
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