Hubble Protocol On Solana Raised $10 Million Ahead Of Mainnet Launch

The Hubble protocol on Solana raised $10 million ahead of the mainnet launch from Digital Currency Group and other industry investors as we can see more today in our latest cryptocurrency news.

The Solana-based Hubble Protocol announced today that it raised $10 million from crypto companies in a recent funding round before its mainnet launch scheduled for next week. In a press release, Hubble noted that it intends to use the funds and expand the team and also its product offering in 2022. The first phase of the protocol development is its mainnet launch and will introduce a zero-interest borrowing platform powered by the censorship-resistant stablecoin USDH.

Welcome @HubbleProtocol to the Solanium Family!

Hubble is a fee-sharing decentralized finance (DeFi) protocol built on Solana. Hubble will offer multiple DeFi services as the protocol and DeFi continue to mature and expand 🔥

Project Page ➡️ https://t.co/epGnTbGIXg pic.twitter.com/qsdwE5XgNZ

— Solanium (@solanium_io) January 18, 2022

Hubble users will be able to deposit collateral and borrow at 0% interest while earning interest on those deposits. The users who stake the platform’s HBB token can earn a substantial amount of fees from minting USDH. The coin is scheduled to debut on SolRazr, Solanium, and DAO maker. The project also aims to develop several lending services and explore further DEFI innovations in the future while preparing for a foundation for a global and open financial system. Hubble’s roadmap is aiming towards enhancing the future of DEFI and the highly-anticipated Web3 with the USDH stablecoin positioned to become the next building block for Solana-based protocols.

The fundraiser saw contributors from some of the biggest names in the industry and these include Digital Currency Group, Three Arrows, Crypto.com, Delphi Digital, Jump Capital, Decentral Park Capital, ParaFi, DeFi Alliance, and Mechanism Capital. Speaking on the funding, Matthew Beck who is the Director of Investment at Digital Currency Group and said:

“We are thrilled to back the Hubble team as they build core DeFi primitives for the Solana ecosystem, from a decentralized stablecoin to an innovative borrowing marketplace to undercollateralized lending. These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market.”

Zero-interest loans with APY on your
collateral… Is there any other way?https://t.co/PEcNrp5k2x

— Hubble Protocol (@HubbleProtocol) January 17, 2022

Parafi’s Capital vice President Anjan Vinod commented that stablecoins provide a multi-trillion-dollar opportunity with a strong potential to reorganize the global remittance. He added:

“We see Hubble’s low transaction costs and USDH network effects as compelling features to drive liquidity to the protocol. We’re excited to support the Hubble team as they grow the ecosystem into a Solana-native DeFi hub.”