DeFi News
- DeFi-based Marginfi has raised $3 million in a seed funding round.
- Marginfi aims to use the fund to deploy a cross-margining engine on Solana.
- The fundraising program was led by Multicoin Capital and Pantera Capital.
Mrgn Labs announced that its $3 million seed round fund will be used to develop Marginfi, a first-of-its-kind cross-margining engine on the Solana blockchain. Marginfi will provide the mentioned services while embracing the innovative concept of DeFi.
The Marginfi fundraising event was co-led by Multicoin Capital and Pantera Capital. Venture capitals Solana Ventures and Sino Global Capital participated as well. Aside from the venture capitals, angel investors contributed massively.
Mrgn Labs Founder, Edgar Pavlovsky, explained:
In 2021, we saw an explosion of innovative financial products emerge across Defi. The problem is the trading experience is now extremely fragmented across different protocols, which destroys capital efficiency and prevents traders from combining their positions into one unified account.
Alongside Marginfi’s aim to bring into life a cross-margining engine, it has a goal to deploy “institutional-grade margining” to the DeFi ecosystem. The company’s innovative idea for DeFi has elevated Multicoin Capital executive Kyle Samani’s excitement.
He also mentioned his excitement for the coming of the next-generation protocol in the DeFi sector. In addition, he is overwhelmed by how Marginfi has chosen to build the first-class cross-margining engine on Solana over other blockchains.
The most important theme of 2022 is composability. The next generation of defi projects will leverage critical composable primitives like Marginfi to deliver experiences that have never been possible before.
On top of how Samani rejoiced, Multicoin Capital has a second oversight to whitelist new institutions with a goal of $1 billion moving through Marginfi by the end of 2022.
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