India-based InstaDapp DeFi App Secures $2.4 Million USD in Funding, Led by Coinbase and Pantera
InstaDapp, a DeFi (decentralized finance) portal raises $2.4 million USD in seed capital funding from a number of strategic investors such as Coinbase Ventures, Pantera Capital, and IDEO Colab. The capital injection is to be used to develop solutions to minimize the effort and cost of completing complex transactions across different wallets and exchanges.
The DeFi banking protocol aggregates the major exchanges and wallet platforms into one allowing users to easily complete and execute complex transactions seamlessly.
InstaDapp Raises $2.4 Million USD in Seed Round Funding
A blog post on Medium confirms InstaDapp raised $2.4 million in funding from a number of crypto and traditional finance industry venture capital firms. The extensive list includes Pantera Capital, Coinbase Ventures, Naval Ravikant, Balaji Srinivasan, IDEO Colab, Robot Ventures and Kyber Network among others.
“For InstaDApp, we focused on building up a layer that acts as the mediator between the user interface and underlying protocols. This layer, consisting of our smart wallet, bridges contracts and reserve pools, [and] abstracts away lots of complexities.”
A Long Road to Success
Sowmay Jain, 21, and his younger brother Samyak Jain, 19, started the company following innovation troubles associated with the traditional finance. According to the report, the two dropped out of school to focus fully on the DeFi industry and have since their teenage years worked in the space.
The co-founders, hailing from India, have faced their fair share of regulatory challenges as the government continues its crackdown on the crypto industry. However, Sowmay brushes the concerns aside claiming India remains a strong market for his company’s dApp. He said,
“India is actually our second-biggest source traffic after America. The movement might be slowed down, but it cannot be stopped.”
Furthermore, Edward Moncada, CEO of Blockfolio and Ming Ng, a crypto affiliate with Kyber, will join InstaDapp’s advisory board, the report states.