Impossible Finance is tasked with building an incubator and launchpad for promising early-stage DeFi projects. Here is who supported this idea with impressive funding.
$7 million raised for DeFi incubator
According to the press release shared with U.Today, Impossible Finance concludes its strategic funding round. A total of $7,000,000 in net funding is secured from premier-league VCs.
A total of 125 institutional and angel investors took part in this round co-led by veteran venture capitalists from True Ventures, CMS Holdings, Alameda Research and Hashed.
The funding was also supported by Sino Global Capital, IOSG, Divergence, GBV, mgnr.io, Lemniscap, Primitive, Incuba Alpha, BR Capital, Coin98, Ternary Capital, The LAO and Maple Leaf Capital.
Sandeep Naiwal from Polygon, Kain Warwick and Jordan Momtazi (Synthetix), Bette Chen and Ruitao Su (Acala) and Bobby Ong and TM Lee (CoinGecko) comprise the board of angel and individual investors in Impossible Finance.
Ethereum (ETH), Polygon (MATIC) integrations are in the cards
The incubator is launched by a team of DeFi veterans including Calvin Chu, formerly of Binance Research. Besides funding, it will provide early-stage blockchain startups with consulting and expert support.
Mr. Chu underscored that the global crypto scene is excited about such an initiative that addresses the incubation of DeFi projects of all sorts:
The entire Impossible community is really excited to bring on such a diverse and impressive army of builders, angel investors, and strategic DeFi and trading-focused funds to help create the next generation of blockchain projects.
While initially launched on top of the Binance Smart Chain, Impossible Finance plans to expand to Ethereum (ETH) and Polygon (ex-Matic Network) as well as to other Layer 2 solutions.