DeFi Credit Protocol Concordia Raises $4M in Seed Round Led by Tribe, Kraken

Concordia, a multi-chain threat and collateral administration protocol for digital belongings, has raised $4 million in a seed funding spherical co-led by Tribe Capital and Kraken Ventures, with Cypher Capital and Saison Capital among the many different individuals.

The fundraise follows the protocol’s public testnet launch on Aptos earlier this month. The mainnet launch is predicted to comply with throughout the subsequent a number of months, and Concordia will concurrently launch on further chains.

Because the so-called “DeFi Summer time” of 2020, decentralized finance has grown more and more fragmented, making it troublesome for customers to switch belongings or entry liquidity between blockchains. Cross-chain bridges will help with this drawback, however are additionally a hotbed of safety dangers. Streamlining the method, lowering the dangers and introducing compliance may carry extra decentralized and conventional finance (TradFi) gamers into the area.

Concordia desires to make it simpler for customers to entry and handle cross-chain liquidity and collateral. The protocol additionally gives customers a less complicated approach to handle the collateral used for margin buying and selling, a way of utilizing borrowed cash to purchase or promote belongings for a possible revenue. Concordia customers can handle that collateral from a single account and switch belongings from a number of blockchains with out the necessity for wrapped tokens or bridges. The underlying software programming interface (API) structure is modular – institutional buyers, for instance, may decide and select what options they wish to use. Builders who wish to construct utilizing Concordia have entry to the protocol’s shared swimming pools of liquidity.

“We’re on a path to combine throughout DeFi and TradFi,” mentioned Thomas Ruble, chief expertise officer of Concordia, in an announcement. “To maneuver actual belongings on the pace of frictionless blockchains is the aim everybody desires. Simply as Foremost Avenue and Wall Avenue each take pleasure in the identical World Broad Net, they’ve an equal curiosity in a single world monetary material.”