Bullet points:
• Quasar Finance, a decentralized asset management protocol using Inter Blockchain Communication (IBC) technology, has raised $5.4 million in a funding round led by Shima Capital.
• The round was done at a $70 million valuation, and other investors included Polychain Capital, Blockchain Capital, HASH Capital, and CIB.
• The capital will go toward product development and scaling out the team.
Quasar Finance, the decentralized asset management protocol utilizing Inter Blockchain Communication (IBC), has recently raised $5.4 million in a funding round led by Shima Capital at an estimated valuation of $70 million. The round also included other investors such as Polychain Capital, Blockchain Capital, HASH Capital, and CIB. The capital will be used to further the development of the product and scaling of the team.
Quasar Finance is a protocol that allows users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains. Quasar focuses on DeFi, which is a term used to describe a suite of financial applications that are built on blockchains. The goal of Quasar is to create structured investment products for DeFi, starting with an automatically rebalancing index of the Cosmos ecosystem that supports the staking of assets.
The $5.4 million raised in the funding round will be used to develop the protocol and expand the team. Quasar believes that their protocol will improve the DeFi space by providing an interoperable solution that will allow users to move assets and data between different blockchains. This will allow users to access a wider range of DeFi products and services.
In addition to the funds raised, Quasar has also announced that it will be partnering with Chainlink, a blockchain-agnostic oracle provider, to provide secure data feeds and connectivity to the DeFi space. This partnership will help Quasar to provide more reliable and secure data feeds to its users.
Quasar believes that its protocol will revolutionize the DeFi space and make it more accessible and secure. With the funds raised and the partnerships in place, Quasar is on its way to becoming a major player in the DeFi space.