New DeFi Startup Secures $2.4M From Coinbase, Pantera Capital & Others

A new decentralized finance startup named InstaDApp is in the latest crypto news for securing $2.4 million in a seed round from an array of strategic investors including the names of Coinbase Ventures and Pantera Capital. As an official blog post noted, the new DeFi startup got funded from a lot of strategic investors and investment firms.

The list of backers includes Coinbase Ventures, Pantera Capital,  Robot Ventures, venture capital company IDEO Colab and a number of other investors.  Meanwhile, InstaDApp is trying to create a smart wallet layer between the user interface and protocols which purportedly simplify the cost of conducting financial transactions.

The startup also claims that its protocol launch saw a substantial growth. The value locked in the smart contracts of the new DeFi startup increased by a factor of 9 – going from $4 million to more than $35 million. This is what brought InstaDApp to the focus and helped it reach the third position in total value right after MakerDAO and Compound.

As we reported in September, Coinbase recently launched the new USDC Bootstrap Fund which aims at the improvement of decentralized finance (DeFi). Among all the possible investments, Coinbase named smart contracts and the returns are set to be provided by a counterparty – either a borrower or a taker.

In mid-September this year, MakerDAO was also in the blockchain news for awarding a developer grant to a blockchain-based employment platform named Opolis. The grant enables Opolis to process DAI payments as well as give companies and freelancers an option to pay and be paid in DAI. It also allows for Opolis members to pay their membership fees in DAI.

Aside from the new DeFi startup which is in the blockchain news today, we can also see that Ripple (the San Fransisco-based startup behind the third largest cryptocurrency on the market) acquired payments platform Logos Network. The team behind this new platform will be part of Ripple’s Xpring and will be exploring a DeFi system which is meant to leverage XRP at its core.

In times when the existing financial system deprives millions of people from basic financial services because of barriers (location, status, wealth etc.) – a decentralized financial system based on blockchain would provide access to financial services to everyone, regardless of their location and status.