Backd raises $3.5M in latest funding round led by Advanced Blockchain AG

Funding Rounds

▤ Summary

On June 7, Backd, a reactive liquidity decentralized finance (DeFi) protocol, announced the raise of $3.56 million in its latest funding round led by Advanced Blockchain AG. Notable investors included Spartan Group, Maven 11, Struck Crypto, Apollo Capital and Divergence Ventures. Afterward, they register actions to their Backd liquidity-provider tokens to automatically delegate a portion to an external position when needed. Registering actions is optional: Users can choose to use Backd as a yield farm or make their liquidity reactive with registered actions.On March 16, Backds first phase went live on the mainnet with the release of its yield-aggregating liquidity pools that currently supports deposits for Dai and USD Coin (USDC). In the coming weeks, Backd will remove pool deposit caps and launch its first action: collateral top-ups to let DeFi users earn high yields while protecting their loans from liquidation.

$ Funding

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Amount $3.5M Total raised
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Date June 7, 2022 Announcement date
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Investors - Lead investors
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Company https://backd.fund Funded company

▥ Classifications

industries
Entertainment
applications
Anti Piracy

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Labels
Developer Tools API Platform Collaboration Software

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