Hashstack Secures USD 1 Million Seed Funding from Moonrock, GHAF Capital and Others
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Road Town, British Virgin Islands, 1st March, 2022, Chainwire
Hot on the heels of launching its Open Protocol testnet, Hashstack Finance is thrilled to announce the closing of its USD 1 million seed funding round. The project will use the proceeds to develop the Open Protocol, attract top talent, and grow the community.
The seed round saw participation from dozens of well-known investors including GHAF Capital Partners, Moonrock Capital, Kane & Rao Group, Nimrod Lehavi, MarketAcross, and Chainridge Capital.
Hashstack Finance founder Vinay said, “Bringing under-collateralization to the DeFi is critical to our mission at Hashstack. We are grateful to be backed by some of the smartest money in this ecosystem. The funds raised will be utilized towards talent acquisition, product development & growth.”
Hashstack’s Open Protocol is the only autonomous lending solution in DeFi that enables non-custodial, under-collateralized loans up to 1:3 collateral-to-loan ratio. It means you can borrow up to USD 300 by providing only USD 100 as collateral. Of this, you can withdraw USD 70 (i.e. upto 70% collateral), while utilizing USD 230 as in-platform trading capital.
Kevin Kurian, General Partner at Kane & Rao Group, said, “Getting the maximum value out of your assets is essential in any market. Hashstack offers a solution that the market has not really seen before. We backed Vinay and his team at Hashstack with our capital to bring forward these new ideas.”
While the current DeFi lending protocols require over-collateralization, Hashstack is proud to give borrowers a glimpse into the future of DeFi lending. Whether you need to borrow for personal cash
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