DeFi project Ondo raises $4 million to launch a DAO and its own token

A project by former Goldman Sachs employees, Ondo Finance, has raised $4 million in seed funding.

1/ 📣 We’re excited to announce our $4m equity funding round led by @PanteraCapital.

We’re also launching two more Vaults with an increased cap, offering 41% APY Fixed Yield on ETH and 7.9% APY Fixed Yield on USDT, accessible at https://t.co/XKSv6u2th9https://t.co/eyMLtEZ5sX

— Ondo Finance (@OndoFinance) August 17, 2021

The round was led by Pantera Capital. Among other investors: Genesis Trading, CMS Holdings, CoinFund, Divergence Ventures, as well as the founder of Aave, Stani Kulechov, and Richard Ma, head of blockchain startup Quantstamp.

The Ondo Finance Ethereum protocol enables users to deposit crypto assets into vaults, earning income at a fixed or variable yield.

For example, investors can invest in the USDC-ETH Vault based on the Uniswap pool. Users can choose a fixed yield by depositing USDT, or a variable yield by locking ETH in a smart contract.

Nathan Allmen, the head of Ondo Finance, said the raised funds would help the project grow its staff, add support for various blockchains and income strategies. In the future, the platform will launch its own token and a decentralised autonomous organisation (DAO).

Earlier, ForkLog published a review of services designed to increase liquidity providers’ yields on Uniswap v3 and reduce impermanent loss risks.

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