The startup Evrynet has raised $7 million to develop a DeFi application aimed at institutional investors.
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The private funding round was led by the Singapore-based venture capital firm Signum Capital. Participants included Petrock Capital, Ellipti Ventures and existing investors of the startup, including HashKey Capital, Everest Ventures, Hanhwa Investments and Securities, Seven Bank, UOB Venture Management, Uni-President Asset Holdings, Hopeshine Ventures, as well as Du Capital.
The funds will be used to build the Evry.Finance app, which will offer exchange services, a liquidity pool, and a staking platform.
Evrynet aims to provide an infrastructure enabling interaction between centralized and decentralized finance.
It is expected that the project’s dApp will simplify institutional investors’ participation in DeFi.
The Evrynet platform is compatible with ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) tokens.
Earlier, the launch of an institutional DeFi platform was announced by the Aave protocol.
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