Ondo Finance, which is building a decentralised investment bank, has raised $20m in Series A funding to accelerate the adoption of DeFi among mainstream investors.
The round was led by Founders Fund, the venture capital firm founded by Peter Theil and Pantera Capital. Strategic investors joining the round also included Coinbase Ventures, GoldenTree, Wintermute, Steel Perlot, Tiger Global and Flow Traders.
Ondo Finance said it is building a decentralised investment bank focused on connecting stakeholders in the emerging DeFi ecosystem, including decentralised autonomous organisation, institutions, and retail investors.
As its first offering, the company built a novel primitive for decentralised structure products that offer choice between downside protection and enhanced returns.
Ondo said the funding will allow it to build out its team and support new product launches including its multi-chain expansion. Over the next few months, the company said it plans to launch several additional products with the aim of increasing the breadth, usefulness, and accessibility of its offerings.
Nathan Allman, founder and CEO of Ondo Finance, said, “We’ve been delighted to see the demand for Ondo’s community vaults and Liquidity-as-a-Service offerings, which have really been a simple MVP with no liquidity mining or other incentives from us. We’re excited for some new product launches that will make it much easier for passive investors to obtain broad exposure to DeFi yields at a customized risk level.”
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