A Bitcoin Cash Defi startup named General Protocols managed to raise more than $1 million for its DeFi vision as we are reading in the latest Bitcoin Cash news.
The general protocols startup is developing a Decentralized Finance vision on Bitcoin Cash after it managed to raise more than $1 million in the seed funding round. The round allowed the Singapore-based team to create a new product AnyHedge on Bitcoin Cash. This product is an open-source derivatives tool that exchanges and OTC desks can create new markets with smart contracts.
The funding came from investors including Marc De Mesel, a well-known crypto trader. The BCH ‘thought leader’ Molecular also is in the team along with the two ex-Bitcoin.com employees and individuals who were responsible to create the voluntary BCH Cash fundraising project Flipstarter.cash. The president of General Protocols commented:
“We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.”
The Bitcoin Cash Defi faces a huge battle because of the network effects on the Ethereum-based projects. According to Defiprime.com, 199 projects are built on Ethereum and 10% are being supported by other platforms such as EOS, TRON, and Bitcoin. Back in February, the amount locked in the DeFi market reached an all-time high of $1.24 billion before getting down to $887 million with 99% of that, being on Ethereum. Bitcoin’s lightning network has about $9.3 million locked which is roughly about 1.05% of the total value locked.
Bitcoin Cash released their own version of a generic ERC-20 token last year, with the help of the Simple Ledger Protocol. About 30 SLP tokens were created up to this day and the largest one was Tether which is launched on the Bitcoin Cash network. BCH was in overbought territory as the market slumped to $200. The bulls successfully attempted to break the overhead resistance but the cryptocurrency dropped to the $250 support. BCH rebounded above the $250 price level but the $280 resistance still remains unbroken. The major key resistance zones for Bitcoin Cash (BCH) are the $440, $480, and the $520 zone. The key support zones include the $200, $480, and the $120 zone.
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