On September 9, Linear Finance, a promising cross-chain compatible delta-one asset protocol, announced the closure of its seed round, raising a total of $1.8 million.
According to the announcement, the funds were secured by key strategic investors including NGC Ventures, Alameda Research, Hashed, CMS Holdings, and Genesis Block. NGC founding partner, Tony Gu, is said to be joining Linear’s advisory board along with Hashed co-founder Ryan Kim.
“We’re excited to start the journey with Linear Finance alongside other notable investors. We are impressed by the team’s experience across both the blockchain and financial markets space. Synthetic asset creation is a key part of the DeFi ecosystem and we believe Linear will emerge as a leader in this space,” said Tony Gu.
In the statement, Linear claimed to be the first cross-chain compatible decentralized delta-one asset protocol to quickly and cost-effectively, create, trade, and manage synthetic assets.
Kevin Tai, Co-Founder of Linear Finance, said that with the help of their strategic investors, the company will aim to resolve the issues seen in the current synthetic asset protocols, including poor usability, structural inefficiencies, and high systemic risk.
Then he added:
“Our strategic investors bring not only tactical knowledge and experience in the ever-changing DeFi space but also intelligence in areas such as financial innovation, key market expansion/adoption, and roadmaps to institutional liquidity.”
The protocol has already begun working with existing DeFi projects, as last week Linear announced a partnership with the oracle network for off-chain data, Tellor. The company is also said to be integrating with Binance Smart Chain as a layer-2 solution to solve the problems that existing synthetic protocols face.