Exotic Markets, a protocol that brings structured finance to Solana's DeFi segment, closes its strategic funding round supported by top-tier investors.
Exotic Markets raises $5 million, Multicoin and Ascensive Assets led the round
According to the official announcement shared by the team of Exotic Markets protocol, its strategic funding round ended successfully. A total of $5 million is raised from a clutch of high-profile VCs and angel investors.
🙌Thanks to the low costs and high throughput of the @Solana blockchain, Exotic Markets can offer fair and transparent on-chain computation for fair value.— Exotic Markets (We are hiring!) (@exotic_markets_) January 3, 2022
🤖The robo advisor will reduce complexity and guide users towards tailor-made solutions.
Venture capital heavyweights Multicoin and Ascensive Assets co-led the round, with Alameda Research, Animoca Brands, Morningstar Ventures and Solana Capital TPS also backing Exotic Markets in its fundraising efforts.
Oliver Blakey, managing partner of Ascensive Assets, stresses that his team is fascinated by the vision of Exotic Markets and the progress it has achieved so far:
At Ascensive Assets, we have a long-term vision for the market and focus on supporting projects that offer sustainable value. Structured products will open up opportunities for investors to generate yield denominated in stablecoin rather than governance tokens. We view this as a very healthy evolution of the DeFi space.
The protocol is going to spend the funds raised to fuel the next phases of its development. Its core focus remains untouched as Exotic Markets addresses building structured finance on high-performance blockchain Solana (SOL).
Pushing the frontiers of DeFi on Solana
Multicoin Capital investor Spencer Applebaum is certain that structured finance is the offering that markets badly need in 2022:
At Multicoin, we are very excited about the growth in the structured products. Exotic Market's unique architecture will allow more forms of payoffs on more underlyings than we have ever seen before. This will end up benefiting the entire DeFi space and create new ways for people to benefit from the volatility market.
Simply put, Exotic Markets releases products that allow Solana enthusiasts to farm bigger and more sustainable yields on various assets.
Exotic Markets development is curated by fintech and programming veterans Joffrey Dalet and Benjamin Rameau. Both have decades of experience in blockchain, equity management and investing.