Alameda Research backs DeFi project on Binance Smart Chain in $7 million seed round

The DeFi project Impossible Finance, operating in the Binance Smart Chain (BSC) ecosystem, raised $7 million in a seed funding round.

Thank you for supporting https://t.co/Mx4leI83xg! @trueventures @cmsholdings @AlamedaResearch @hashed_official https://t.co/XKeMXLbzZl

— Impossible Finance (@impossiblefi) June 3, 2021

The round was led by True Ventures, CMS Holdings, Alameda Research and Hashed. More than 125 investors also participated, including Sino Global Capital, IOSG, Divergence, GBV, Coin98, Lemniscap, Primitive and Incuba.

The financing was provided by True Ventures, CMS Holdings, Alameda Research and Hashed. Also among the more than 125 investors were Sino Global Capital, IOSG, Divergence, GBV, Coin98, Lemniscap, Primitive and Incuba.

Impossible Finance will use the proceeds to expand its product lineup and to build a multi-chain ecosystem to foster growth and composability in the DeFi sector. In particular, it plans to add support for Ethereum and Polygon.

The team will launch a liquidity protocol based on AMM, which will serve as an incubator for other DeFi projects. In this regard, it could become a decentralised analogue of the venture-capital fund Y Combinator.

Earlier in June, the community-driven decentralized exchange EmiSwap raised $104 million.

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