Astra Protocol aims at building a reliable smart contracts infrastructure for compliance and KYC/AML checks in decentralized finance protocols. On Dec. 22, 2021, it shared the details of its private sale results.
Astra completes private funding round with $9 million secured
According to the official announcement shared by the team of the Astra start-up, its private token sale has successfully ended. A total of $9,000,000 is secured from a number of top-tier funds and angel investors.
The likes of Republic, DAOMaker, Fundamental Labs, Faculty, Richard Dai and Wave GP Cardano backed the protocol's team in its fundraising efforts.
Jonathan Han, partner at Republic, attributed this eye-watering success to the uniqueness and crucial importance of the Astra proposition for the entire segment of decentralized finances:
We believe Astra's solution is a key part of the critical movement for DeFi to become mainstream. We are excited to back the Astra team who works diligently to bring the benefits of DeFi to more people and organizations.
Following this fundrasing announcement, Astra scored a number of partnerships with world-leading legal and auditing firms recognized worldwide in the crypto space.
Moving compliance in crypto to smart contracts
Astra Protocol co-founder Arthur Ali is sure that the round will fuel the next crucial steps of the progress of his product and advance compliance practices in DeFi:
We are extremely pleased to announce the closure of our token raise and proud to announce strong backing from the top tier investment groups and individuals such as; Republic, DAOMaker, Richard Dai, Fundamental Labs, and institutional backing. We firmly believe that ASTRA is key to the future of DeFi. It will allow us to unlock the next path of growth in the industry, allowing more compliant practices across multiple countries and ensuring further participation from major traditional institutions.
Astra Protocol is set to develop a decentralized security layer to advance trust and transparency in DeFi protocols across all major blockchains.
As covered by U.Today previously, Astra Protocol addresses crucial issues in legal compliance for the DeFi and Web3 spheres. With Astra's instruments implemented, DeFi protocols become fully regulatory compliant even when launched in jurisdictions hostile to crypto.