Cosmos-Based DeFi Protocol Quasar Raises $5.4M | by Coin On Wheel | Coinmonks | Jan, 2023


The collapse of multibillion-dollar centralized crypto exchange FTX has renewed focus on the promise of decentralized finance. However, decentralized finance (DeFi) still has growing pains due, in part, to fragmentation across multiple blockchains — a problem addressed through interoperability-focused protocols.

Quasar Finance, a decentralized asset management protocol using the Inter Blockchain Communication (IBC) technology released by the Cosmos blockchain ecosystem, has raised $5.4 million in a funding round led by Shima Capital at a $70 million valuation. The protocol allows users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains.

Other investors in the round included Polychain

Capital, Blockchain Capital, HASH Capital, CIB and Osmosis co-founder Sunny Aggarwal, among others.

The capital will go toward product development and scaling out the team, according to a press release provided to CoinDesk.

Quasar plans to offer structured investment products for DeFi, starting with an automatically rebalancing index of the Cosmos ecosystem that supports the streaking of assets. After months of private testing,Quasar will open its public testnet on Feb. 10.

“Securing this funding given ongoing and difficult market conditions is a massive show of confidence and a significant reaffirmation of our partners commitment to the common goal — making noncustodial and permissionless asset management available to all,” said Quasar co-founder and CEO

Valentin Pletnev in the press release.

The original author of this article is Brandy Betz — CoinDesk

Cosmos-based DeFi protocol Quasar recently announced that it has raised $5.4 million in its latest funding round, which was led by Pantera Capital and other notable crypto investors. This capital will be used to further develop the platform’s technology stack and expand its user base.

Quasar is a decentralized finance (DeFi) protocol built on top of the Cosmos Network, an open source blockchain project designed for interoperability between different blockchains within a single ecosystem. The platform offers users access to various financial services such as lending, borrowing, asset management and tokenization all within one unified interface powered by smart contracts running on Cosmos’ Tendermint consensus engine. It also provides liquidity mining opportunities through staking rewards paid out in QSR tokens which can then be used to take advantage of additional features like yield farming or trading against other cryptocurrencies listed on exchanges connected via IBC cross-chain bridges with Ethereum or Binance Smart Chain networks .

The recent investment from Pantera Capital serves as validation for Quasar’s unique approach towards building an accessible DeFi experience while still adhering to industry best practices around security and usability standards set forth by leading blockchain projects like Cosmos Network itself — thus making it attractive proposition not only for institutional investors but also individual users who are looking into exploring new possibilities offered up by this rapidly growing sector without having worry too much about technical complexities involved when dealing with multiple chains simultaneously . As such , we can expect more exciting developments coming from this team over time thanks their commitment towards creating innovative solutions that could potentially revolutionize how people interact with digital assets in near future !

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