Breaking News
Investing Pro 0
💎 Access the Market Tools Trusted by Thousands of Investors Get Started

Impossible Finance Raises $7M for Multi-Chain Incubator

Published Jun 03, 2021 10:10AM ET Updated Jun 03, 2021 10:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Impossible Finance Raises $7M for Multi-Chain Incubator
 
ETH/USD
+1.13%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • 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

Continue reading on CoinQuora

Impossible Finance Raises $7M for Multi-Chain Incubator
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email