Cega raises $4.3 million in a seed round with a valuation of $60 million to develop exotic DeFi derivatives.

• ByStartupStory     |    March 9, 2022

One of the trendiest and fastest-growing areas of bitcoin is decentralized finance (DeFi). According to Dune Analytics, more than 4 million consumers throughout the world have invested in DeFi equipment. Today, the value of assets locked in the DeFi ecosystem exceeds $100 billion.

The DeFi sector is fast-growing, with entrepreneurs creating increasingly complicated financial products that are similar to those that have long been popular in traditional finance. As a crypto-native automated market maker (AMM), Uniswap created a completely new segment within the DeFi industry, while the Compound protocol accomplished the same for crypto money markets.

Cega’s decentralized application will go live in beta on the Solana devnet later this month, with plans to spread to other blockchains and integrate with the Ethereum Virtual Machine (EVM) ecosystem. Cega claims that its debut product, a fixed-coupon note, provides investors with greater yield, downside protection, and compounded profits.

Pantera Capital, Coinbase Ventures, Alameda Research, Solana Ventures, and others participated in a $4.3 million seed round headed by Dragonfly Capital Partners, with participation from Pantera Capital, Coinbase Ventures, Alameda Research, and others. According to the source the investment valued Cega at $60 million.

Cega began its fundraising campaign in January of this year with a smaller goal amount, which it was able to reach in just two days, according to Toyosaki. The startup raised more money than projected and intends to utilize it to scale swiftly this year, notably by employing developers who are familiar with the Rust programming language, which is currently in short supply.

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