Blockchain platform, based in Hyderabad, Instadapp announced that it has raised $10 million in the latest funding round. The round, led by Standard Crypto, saw participation from Andre Cronje – Yearn Founder, Longhash Ventures and DeFi Alliance.
The platform is also planning to launch INST, its in-house governance token.
It informed in a blog post, “At the launch, the core team will be handing over the management of the protocol to the DAO. We believe it is crucial that we allow the community to self-govern, and the team will focus on building essential extensions and growing the protocol ecosystem.”
Sowmay Jain, Co-founder of Instadapp, said to YourStory, “While other Dapps are just interfaces for DeFi protocols, we have created a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions, including lend/borrow, leverage, and switch debt positions.”
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