As a seasoned analyst with years of experience navigating the ever-evolving landscape of decentralized finance (DeFi), I find the recent development surrounding Echelon particularly intriguing. The $3.5 million seed funding round, led by Amber Group and backed by several crypto venture capital firms, is a testament to the growing confidence in DeFi solutions.
The decentralized lending platform Echelon secured a $3.5 million investment during its seed funding phase, which was primarily headed by Amber Group. This round also received support from multiple cryptocurrency venture capital companies.
As per information shared in a press release dated August 27th, the platform intends to utilize the funds for boosting the decentralized finance system.
Echelon plans to make use of its seed capital for expanding its array of products, bolstering its workforce, and setting up a treasury, multi-chain wallets, and tactics involving real-world assets as collateral.
Eyeing DeFi across Move-based ecosystem
Echelon provides a crypto asset lending and borrowing platform via non-custodial pools, which gives its users the opportunity to generate interest and boost their purchasing power by utilizing their assets.
Users of this decentralized lending service can take advantage of extra earning chances by staking their assets or using real-world items.)
Echelon aims to introduce its offerings, particularly those focusing on DeFi and RWA, onto platforms like Aptos (APT) and other blockchains that utilize the Move programming language, which is based on Rust. This language has gained traction in the smart contracts sector, with its application seen in Meta’s Diem project.
Sui (SUI) is another project that uses the Move programming language.
Echelon will also focus on Movement, a system of adaptable blockchains based on the Move programming language, which allows developers to create compatible decentralized applications (dApps). These dApps can link Move-based platforms with the Ethereum Virtual Machine (EVM) ecosystems. Movement is the first layer-2 network connecting Move and Ethereum, acting as an extension of Ethereum.
In a recent fundraising round, Movement Labs successfully secured $3.4 million in pre-seed investments. These funds will be utilized for the creation of a software development kit, specifically designed to facilitate compatibility within the web3 interoperability ecosystem.
Beyond just Amber Group, Echelon’s seed funding round was joined by multiple strategic partners such as Laser Digital, Selini Capital, Interop Ventures, Saison Capital, and Re7.
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2024-08-27 19:48