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Home»ADOPTION NEWS»a16z CSX participates in OpenTrade’s $3.2 million seed round.
ADOPTION NEWS

a16z CSX participates in OpenTrade’s $3.2 million seed round.

By Crypto FlexsApril 9, 20243 Mins Read
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a16z CSX participates in OpenTrade’s .2 million seed round.
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OpenTrade, an on-chain institutional lending and yield products platform, has raised $3.2 million in seed funding.

a16z CSX (Crypto Startup Accelerator) participated in this round. Other backers include CMCC Global, Draper Dragon, Ryze Labs, and Plassa Capital. OpenTrade’s total funding to date is $4.45 million, and the company plans to leverage the new funding to grow its team across all key functions, Jeff Handler, the company’s co-founder and chief commercial officer, told The Block.

OpenTrade is built on the payments and DeFi infrastructure of stablecoin issuer Circle. USDC

+0.0081%
And EURC. According to the company’s website, OpenTrade allows regulated asset managers to create yield-bearing on-chain lending products and deposit USDC or EURC into on-chain vaults based on specific investment criteria and target returns.

“OpenTrade’s solution is truly unique in the market in that we are the only company that has built a truly enterprise-grade B2B2C product that allows CEXs and Neobanks to deploy a RWA-enabled yield product that they can offer to both their existing users, all integrated into their existing platforms. It’s within the app,” Handler said. “This is very useful for companies that use USDC to support digital dollar accounts for non-US users.”

“These companies want to scale their products in a way that allows users to earn stable and predictable returns, but this can only happen if it is all backed by reliable assets and operating models and done in a way that does not exclude broad groups. “The user will no longer be able to participate.” Handler continued.

OpenTrade is based in the UK and came out of hiding in February 2023. Three months later, the company raised $1.5 million in funding led by Sino Global Capital, with additional support from Circle Ventures, Kronos Research, Kyber Ventures, Polygon Ventures, and Outlier Ventures. . OpenTrade has partnered with cryptocurrency exchange WOO


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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