InstaDApp recently announced that they have raised $2.4 million to build their own smart wallet. The seed funding round was led by Pantera Capital, followed by Coinbase Ventures, IDEO Colab, Robot Ventures, along with notable investors Naval Ravikant, Balaji Srinivasan, and Kyber Network’s Loi Luu.
Their goal is also to help users seamlessly execute advanced transactions using the company’s decentralized finance (DeFi) portal.
Moreover, InstaDApp’s decentralized app is an interface to multiple decentralized protocols, according to an article that they recently shared on Oct. 1. InstaDapp provides interfaces for Compound, Uniswap, and MakerDAO at the present.
Furthermore, Sowmay Jain (Co-Founder at InstaDApp) said in an email sent to Coindesk:
“For InstaDApp, we focused on building up a layer that acts as the mediator between the user interface and underlying protocols. This layer, consisting of our smart wallet, bridges contracts and reserve pools, [and] abstracts away lots of complexities.”
According to DeFi Pulse, InstaDApp is the fourth-largest dapp in DeFi ecosystem, with $30.8 million worth of assets locked in its smart contracts.
DeFi platforms seem to get a lot of attention at the present. Big crypto players are starting to work with DeFi platforms/protocols. What will be the state of DeFi in the next few years?
In the industry that moves so fast, there are lots of things that can happen in a short period of time and DeFi space is one of the sectors that is getting lot of attention and its community is growing fast. We are keen to know what DeFi space can bring to the people in the near future.
In case you have missed the recent DeFi news we recently published:
image from InstaDApp blog