Instadapp raises $10M in a round led by Standard Crypto - StartupLanes.com
Instadapp, a Hyderabad-based blockchain startup, has announced that it has raised $10 million in a funding round led by Standard Crypto. Other participants include DeFi Alliance, Longhash Ventures, and Yearn Founder Andre Cronje.
According to the company, the fund will be used to finish the startup’s move into the middleware layers for DeFi (Decentralized Finance) and support the ecosystem project built on top of the Instadapp protocol.
Indtadapp secured $2.4 million from Pantera Capital in October 2019, with Naval Ravikant, Balaji Srinivasan, Coinbase Ventures, IDEO Colab, Robot Ventures, and Loi Luu of Kyber Network.
Using a smart wallet layer and bridge contracts, the startup integrates necessary protocols, allowing users to make the best asset decisions and complete previously difficult transactions smoothly.
“At the launch, the core team will be handing over the management of the protocol to the DAO. We believe we must allow the community to self-govern, and the team will focus on building essential extensions and growing the protocol ecosystem,” the startup said in a blog post announcing the launch of INST, the startup’s in-house governance token.
