- Unbound Finance just raised $5.8 million in a funding round
- The round was lead by Pantera Capital and XRP Capital
- Unbound will use the capital to expand and develop its protocol
Unbound Finance, a liquidation-free collateralization platform, just successfully raised $5.8 million in a funding round. Of note, the round was led by Pantera Capital and XRP Capital’s Michael Arrington.
Other fund participants include, CMS Holdings, Hashed, Ledger Prime, LD Capital, among others. In addition, Unbound will use the fund to create capital efficient decentralized finance (DeFi) products. This is because the platform enables users to access interest free loans using liquidity token pools as collateral.
Also, Unbound’s ‘DeFi Treasury for Liqudity Pool Tokens’ started the final testnet stage in April 2021. Notably, the project was one of the first platforms to integrate with Uniswap v3.
At the same time, Unbound is working with a few key partners to build native cross-chain bridges. The bridge will enable the platform to transfer its stablecoin and other assets. As a result, the Unbound $UND stablecoin will become the first decentralized cross-chain stablecoin.
Unbound Finance CEO and Founder Tarun Jaswani noted,
AMMs are DeFi’s Zero to One Innovation and we are building the aggregator layer to enable greater yields and capital efficiency for our users.
The Unbound protocol is set to go live first on Ethereum with AMMs like Uniswap, Balancer, MooniSwap, and SushiSwap already supported. The platform is also working on partnerships with EVM-compatible blockchains like Binance Smart Chain and Polygon. The key partnerships will enable Unbound support for leading AMMs outside the Ethereum ecosystem. These AMMs include PancakeSwap, DFYN, and SeeSwap.
Finally, several angel investors also took part in the funding round, for example, founders of Angelist, Enjin, Wikihow, and more.