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Zerion, a fledgling decentralized finance (DeFi) company, just announced that it successfully secured $2 million in seed funding. Placeholder partner and co-founder at Union Square Ventures Brad Burnham led the round, with participation from Gnosis and Blockchain.com Ventures.
In a press release published on Wednesday, Dec. 4, Zerion said that the secured fund will be allocated to support DeFi services. At the moment, these services include MakerDAO, Compound, Uniswap, Set, and Fulcrum.
Zerion’s main goal is to bring decentralized finance to non-technical users in an attempt to draw more clients who have yet to dive into the crypto space. According to the company, its business model is akin to what CoinBase is delivering to the custodial space barring the disadvantages.
Decentralized finance proliferating
DeFi has been gaining ground in recent years as it provides permissionless finance in the crypto space. The company said that DeFi has been disrupting several sectors in the financial industry including insurance, credit creation, and asset management. It further boasts that DeFi transactions are cheaper than centralized solutions and don’t have the risk of centralized platforms.
Moving forward, Zerion hopes to tap into the expertise of its partners to accelerate the company’s growth and bring DeFi to the mainstream scene. Commenting on the partnership, Burnham said that DeFi is similar to the internet before its proliferation. Although DeFi is already available now, its complicated nature inhibits it from achieving its full potential.
Zerion aims to bring DeFi to more users
“DeFi, or decentralized finance, feels just as profoundly transformative today as the Internet did then, but it is still too hard to use. Like with the Internet, it will take a young team, native to the new infrastructure, to simplify the user experience and make it more accessible. I believe Evgeny, Vadim, and Alexey are the right team and Zerion is the right product to bring DeFi to a mainstream audience,” Burnham said.
To date, Zerion has been making significant progress with its operation. It has “processed more than $16 million compound deposits, originated more than $19 million in simply send transactions, and had over $2M in supplied liquidity to Uniswap pools in less than a month.”
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