Impossible Finance Raises $7M for Binance Smart Chain DeFi Incubator

Share Article
In Brief
  • Impossible Finance aiming to develop a decentralized incubator.

  • Funding will be given to startups on the Binance Smart Chain.

  • DeFi TVL hits $74 billion.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

The latest decentralized finance (DeFi) protocol to get big backing from venture capitalists is Impossible Finance for a multi-chain incubator project.

Sponsored



Sponsored

In an announcement on June 3, the DeFi protocol declared that it had secured $7 million from over 125 institutional and angel investors. The round was co-led by True Ventures, CMS Holdings, Alameda Research, and Hashed.

The list of additional investors was extensive and included Sino Global Capital, IOSG, Divergence, GBV, Lemniscap, Primitive, Incuba Alpha, BR Capital, Coin98, Ternary Capital, The LAO, Maple Leaf Capital, Longhash, Bitscale, and others. A number of individuals in the DeFi industry also participated in the funding round.

Sponsored



Sponsored

The announcement added that the funding will redefine “launching” for its planned Impossible Decentralized Incubator Access (IDIA) token.

A Binance-esque incubator

Impossible Finance plans to build a multi-chain ecosystem for promoting the growth of DeFi liquidity and composability on Binance Smart Chain. The platform will also support other Ethereum Virtual Machine (EVM) blockchains such as Ethereum and Polygon, which were recently added to Mark Cuban’s portfolio. Further deployments are scheduled for Layer 2 platforms.

There will also be an automated market maker liquidity protocol which acts as the backbone of the ecosystem, it added. This will feature a fully decentralized incubator and launchpad for new projects in DeFi. The offerings appear to be very similar to what Binance already provides, but they aim to be decentralized which Binance is not.

The announcement added that the incubator will be used to offer support and assistance for prospective crypto and DeFi developers.

“The project has been launched by DeFi veterans and avid hackathon participants, including Calvin Chu, formerly of Binance Research.”

Additionally, incubated projects will be able to leverage the protocol’s liquidity and cross-chain support to ensure a successful launch on the market. Expanding on Binance’s BUIDL ethos, Calvin Chu stated:

“The ‘livepaper’ garnered over 400 edits from the top builders and investors in this space, and the Impossible community can’t wait to provide the same type of support to the projects that launch through the Impossible incubator.”

DeFi TVL Update

The DeFi sector has fared better than bitcoin has during this market slump with total value locked falling 35% since its all-time high. Comparatively, bitcoin has plunged 50% during this massive market pullback.

The current TVL as reported by DappRadar is $74 billion. Aave still leading the pack with a market share of 12.7% and $9.5 billion locked up.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go