InstaDApp, a decentralized finance (DeFi) startup service based in India, has just received $2.4 million in funding from some prominent crypto investors. According to an official announcement from founder Sowmay Jain, the investors include Coinbase Ventures, Pantera Capital, IDEO Colab, Loi Luu (Kyber Network), among a few others. The announcement also notes that Blockfolio CEO Edward Moncada, has now joined the InstaDApp advisory board.
The InstaDAPP platform is a DeFi portal that provides a pool of several protocols and contracts through a smart wallet, to give its many users considerable access to necessary information about assets, helping them make important decisions and simplifying transactions that have been otherwise complex. Jain highlights an advantage of using InstaDApp:
“While other DApps are just interfaces for DeFi protocols, we have created a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions, including lend/borrow, leverage and switch debt positions.”
Jain mentions that the company’s ultimate goal is to increase DeFi adoption and make it as accessible as possible to everyone. Currently, DeFi access is quite limited because there is the need for a working understanding of finance, as well as the technical know-how of the protocols that power decentralized finance.
Based on this goal, Pantera’s Paul Veradittakit believes InstaDapp will do a lot for DeFi adoption. According to him:
“We believe they’re the right team to push the future of DeFi forward and help the next wave of users to onboard to the open financial ecosystem.”
A few months ago in February, Pantera Capital successfully pulled in $125 million for its third crypto venture fund.
Image Credits: Pixabay