- Impossible Finance has raised over $7 million to fund its DeFi incubator.
- Over 125 institutions and individual investors took part in the funding round.
- The fund will back the company’s multi-chain ecosystem for promoting DeFi growth.
DeFi incubator Impossible Finance has just finished wrapping up its funding round, raising over $7 million. The recently launched project has raised the money to back its multi-chain incubation and launchpad.
Over 125 institutional and angel investors took part in the round which was co-led by True Ventures, CMS Holdings, Alameda Research, and Hashed. Other investing institutions joining the round included Sino Global Capital, IOSG, Divergence, GBV, mgnr.io, Lemniscap, Primitive, Incuba Alpha, BR Capital, Coin98, The LAO, Maple Leaf Capital, and others.
Besides this, many individual investors also participated in the round such as Sandeep Naiwal (Matic), Kain Warwick & Jordan Momtazi (Synthetix), Bette Chen & Ruitao Su (Acala), Bobby Ong & TM Lee (Coingecko), Larry Cermak (The Block), Calvin Liu (Compound), and others.
The fund will back Impossible Finance’ multi-chain ecosystem for promoting DeFi growth and liquidity. Impossible Finance plans to support Ethereum and Polygon eventually but will be starting from Binance Smart Chain. Further, it has more deployments scheduled on future L2 solutions and other platforms. Impossible finance also plans to offer an AMM liquidity protocol acting as the backbone of the ecosystem. This is expected to feature a completely decentralized incubator and launchpad for new DeFi projects.
Moreover, one of the platform’s strong supporters, CMS Holdings, commented on Impossible Finance’s incubator saying, “CMS is excited to help support Impossible Finance’s mission of being an accelerator in the DeFi ecosystem.”
Creating a YCombinator-esque platform for teams building in decentralized finance will help take the ideas of developers and materialize them into working products. We see them as an obvious leader in this space and think they will ultimately turn the potential of DeFi applications into reality.
The company wants to support and provide assistance for prospective crypto builders. DeFi veterans and avid hackathon participants helped launch the coveted project.
This article was first published on coinquora.com