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InstaDApp, an India-based digital banking portal for DeFi protocols, has secured $2.4 million in seed funding from strategic investors such as Pantera Capital, Coinbase Ventures, Balaji Srinivasan, Naval Ravikant, and IDEO Colab.
Founded by Sowmay and Samyak Jain, InstaDApp aims to help clients conduct advanced transactions via the firm’s decentralized finance (DeFi) portal. The solution aims to make DeFi more accessible by simplifying interactions between multiple DeFi protocols.
Speaking to CoinDesk, Jain explained that the firm focused on creating a layer that serves as a mediator between the user interface and underlying protocols. The layer, which is composed of its smart wallet, bridges contracts, and reserve pools, helps eliminate complexities.
“We have been living and breathing crypto and DeFi for almost our entire formative lives, including accepting grants, doing payrolls and financing our expenses from ETH backed collateralized loans. We are grateful for the opportunity to build more innovative technology and evangelizing DeFi to bring the same benefits we experienced to the wider world,” the firm’s co-founder Sowmay Jain said.
InstaDApp allows users to manage and monitor their Ethereum-based assets via a non-custodial platform. The solution allows clients to borrow, lend, swap, and leverage their assets through different decentralized finance (DeFi) protocols, including Uniswap, MakerDAO, and Compound.
Its service currently ranks fourth in terms of dollar value locked in its contracts, with nearly $31 million worth of assets.
Just recently, Ripple’s investment arm Xpring has acquired payment platform Logos Network to build DeFi products that will leverage XRP at its core and explore to utilize crypto to transform payments and finance.
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