Set Labs, which enables clients to build and manage cryptocurrency portfolios, has collected $14m in its Series A round.
1kx and Hashed! led the round, with commitments also coming from Mechanism Capital, Defiance, Spartan, ParaFi, Coinbase Ventures, Craft, Threshold Ventures and Set community members.
Set Labs offers a crypto-financial platform that enables clients to build a portfolio of cryptocurrencies, NFTs and on-chain securities.
The company aims to build an internet-native financial system that is global, 24/7, permissionless and transparent. Its system will offer trading, borrowing / lending, derivatives, insurance and more.
1kx founding partner Lasse Clausen said, “Asset management is a core component of financial services, and Set Labs approaches the problem space with a highly crypto-native and community-driven approach.
Set has been able to attract some of the brightest product contributors in DeFi to their communities, which we believe is key to establishing a long lasting competitive advantage.”
Following the close of the round, the company hopes to continue the decentralisation of its protocol and deepening its community ownership. Additionally, the company hopes to build new financial products, partner with asset management businesses and enable more use cases.
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