DeFi Startup InstaDApp Raised $10 Million

According to the latest reports, INstaDapp is a startup that aims to build something that it calls the “middleware” layer for the DeFi space. This firm managed to raise $10 million in new funding.

The Block Crytpo just noted that the pool of investors included the DeFi Alliance, Longhash Ventures, along with developer and Yearn founder Andre Cronje.

“The funding news comes more than a year and a half after InstaDApp raised a $2.4 million seed round from a group that included Coinbase Ventures, Naval Ravikant and Pantera Capital,” the online publication noted.

The same online publication notes that in an email, co-founder Sowmay Jain told The Block that the funding will be used to “complete our transition into the middleware layer for DeFi and support the ecosystem project building on top of Instadapp Protocol.”

The blog post notes that “At launch, the core team will be handing over the management of the protocol to the DAO. We believe it is crucial that we allow the community to self-govern, and the team will focus on building essential extensions and growing the protocol ecosystem,” the team said at the time.”

DeFi in the news

It’s been just revealed that the SEC has something to say about DeFi transactions. Check out a relevant post shared by CoinDesk below.

It’s been reported that Thailand’s SEC could be soon moving to regulate DeFi projects that are made in the country and this includes the issuance of digital tokens as well.

In an announcement, the securities regulator said DeFi activity involving digital tokens such as liquidity provider tokens, governance tokens or tokens issued to those transacting in DeFi projects “must be licensed and abide by the specified rules.”

Stay tuned for more exciting news and keep your eyes peeled on the market.

News Source