- Hashstack Finance secured $1 million during its seed funding round.
- The said amount will be used to boost Open protocol, grow its team, and enhance its marketing efforts.
- Open Protocol supports BTC, USDT, USDC, BNB, and HASH.
DeFi startup Hashstack Finance announced the success of its $1 million seed funding round, led by Moonrock Capital, GHAF Capital Partners, Kane & Rao Group, Nimrod Lehavi, MarketAcross, and Chainridge Capital.
The funding round gained popularity among these investors following the launching of Hashstack’s Open protocol testnet, which is an autonomous lending solution in DeFi. According to information obtained by CoinQuora, the fund will be used to improve Open Protocol, hire additional people to its growing team, and boost its marketing efforts.
To bring the uninitiated up to speed, Open protocol offers users an option to avail of non-custodial loans at a 1:3 collateral-to-loan ratio. This means that users who only have $100 worth of crypto assets can borrow up to $300. However, the company explained that the borrower can withdraw up to $70 only; the remaining $230 will be used as a capital for trading within the platform.
Hashstack’s offering is compatible with Binance Smart Chain and with its leading DEX PancakeSwap. Some workarounds can also come in handy to enable users to connect with other chains such as Ethereum and Avalanche.
While DeFi is not as hot as the Metaverse, Simplex CEO Nimrod Lehavi believes in its capability to shake the space:
DeFi lending is at its inflection point. Hashstack smartly circumvents the need for on-chain credit score in order to facilitate under-collateralized loans. Hashstack has the potential to be one of the pioneers of Layer-3 enabler solutions.
At the moment, Open protocol supports BTC, BNB, USDT, USDC, and HASH, which is the native governance token of Hashstack.
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