[PRESS RELEASE – Toronto, Canada, January 24th, 2024]
Oversubscribed Spherical With Best Blockchain VCs Incorporated Robotic Ventures, Large Mind Capital & Veris Ventures
Synonym Finance, a cross-chain lending platform, as of late introduced its oversubscribed seed spherical investment spherical totalling $1.5 million. The elevate used to be led through Without boundaries Capital, a number one Web3-native funding supervisor with focal point on fostering dynamic blockchain ecosystems and cross-chain applied sciences. Constructed at the Wormhole xChain Era Stack and Arbitrum, Synonym delivers DeFi customers a strong cash marketplace with deep liquidity and cross-chain potency.
An armada of Layer-1s, rollups and sidechains is rising, developing new avenues for blockchain scaling. Alternatively, with this diversification of alternatives, on-chain liquidity has transform increasingly more fragmented. At the same time as, when new chains seem, DeFi pros search to take a look at them out, which necessitates the bridging of property, incurring inefficiencies reminiscent of top charges, gradual switch instances, and the effort of wrapping and unwrapping tokens.
Synonym’s cross-chain cash marketplace solves the issues of fragmented liquidity and inefficient bridging, through permitting pros to make use of the similar liquidity throughout a couple of chains. Synonym achieves this through enabling the borrowing of property on one blockchain through the use of collateral property on any other blockchain. Leveraging state of the art applied sciences like Circle’s CCTP, Synonym goals to empower customers with a best-in-class cash marketplace enjoy.
“We’re extremely joyful to again the staff at the back of Synonym Finance and their undertaking to supply protected cross-chain borrowing and lending, whilst fixing one of the crucial greatest issues throughout web3 — fragmented liquidity. Leveraging the Wormhole stack canonically, Synonym is advancing the whole adulthood of DeFi for customers, builders, and establishments throughout web3 and past, beginning with a common cross-chain cash marketplace,” mentioned Alpen Sheth, Spouse at Without boundaries Capital.
“We will be able to’t be extra thinking about Synonym Finance and their suite of goods that leverages each the rising ecosystems of Wormhole and Solana,” mentioned Sam Kim, Normal Spouse at Large Mind Holdings. “We imagine the staff will assist free up Ethereum capital and open up Solana DeFi for Ethereum customers.”
The a success seed elevate drew improve from one of the maximum notable challenge price range, together with Robotic Ventures, Large Mind Holdings, Veris Ventures, AWVC, SerDAO and angels from Jones DAO, Arbitrum and extra.
“Synonym boldly addresses the complexities of cross-chain lending (desync, collateral whitelisting, collateral cap, and so on),” mentioned Michael Tan, Normal Spouse at Veris Ventures. “We’re extremely joyful through the staff’s imaginative and prescient and doable to pioneer true cross-chain borrowing. This can be a an important answer for capital potency throughout all current and upcoming blockchains, and we imagine Synonym is usually a key enabler in knowing this long term.”
“We’re humbled and extremely excited to have the backing of such noteworthy companions and advisors,” commented 0xbeachball, Founding father of Synonym Finance. “The cross-chain lending sector is terribly underdeveloped, and we see an important hole for a extremely versatile cross-chain cash marketplace to procure customers in each new and current ecosystems. We’re construction Synonym to be a extremely versatile cross-chain lending protocol that may ship liquidity and borrow volumes into new ecosystems.”
Synonym is audited through OtterSec and Runtime Verification, and has partnered with Gauntlet for quantitative modeling and real-time chance tracking engagement. In the long run, Synonym is all in favour of turning into the premier venue for cross-chain lending and borrowing amongst primary L2 rollups, app-chains and cutting edge L3s.
To be told extra about Synonym, customers can discuss with synonym.finance.
Customers can keep up-to-date with Synonym trends on Replicate, and sign up for the dialog on Discord and X.
About Synonym Finance
Synonym is a really cross-chain cash marketplace constructed at the Wormhole xChain generation stack. By means of energy customers, for energy customers, Synonym permits true cross-chain collateralization and versatility that present lending incumbents don’t be offering. Synonym used to be born from a novel DAO merger with New Order DAO, giving Synonym a community, network and useful resource benefit from day one. Lengthy-term, Synonym is all in favour of turning into the premier venue for cross-chain lending and borrowing primary L2 rollups, app-chains and L3s.
Web site: https://www.synonym.finance
Twitter: https://twitter.com/synonymfinance
Discord: http://discord.gg/synonymfinance
About Without boundaries
Without boundaries is a number one funding control company all in favour of Web3 generation, devoted to supporting the following technology of innovators who’re riding the advance of groundbreaking applied sciences that can allow the advent of worth without boundaries. Without boundaries incorporates a staff of developers, companions, and traders who undertake a long-term standpoint and try to unharness the whole doable of open, community-driven networks. Since 2018, Without boundaries has made 200+ investments throughout infrastructure, trade programs, and nascent cryptographic protocols, and has performed an integral function within the building of one of the most important and cutting edge Web3 communities.
Web site: https://borderlesscapital.io/
Twitter: https://twitter.com/borderless_cap
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PR Director
Patrick Brendel
SCRIB3
patrick@scrib3.co
1-345-326-5064
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