Castle Finance will use the funds from this round to expand its team and accelerate its product development.
Funding to Accelerate Growth in Web3
Castle Finance, the emerging treasury yield protocol on Solana, announces a $1.2 million pre-seed raise, led by leading venture capital firms Nascent, Solana Ventures, and Shima Capital, with participation from Rainfall and MDSV.
Castle Finance announced the recent development on Twitter and in a Medium post on May 20, stating that there are other individual investors, including Jordan Dunne (FTX), Luke Truitt (Bridgesplit), and Rooter (Solend). In addition to accelerating their team growth, Castle mentions that these funds will be used to boost product development.
“The Castle team consists of individuals who are passionate about supporting projects building an open, fair, and decentralized future,” Castle Finance mentions in the Medium article. “We are assembling a diverse team with backgrounds from machine learning, software product development, and traditional finance and research.”
According to the Treasury yield protocol, today’s Decentralized Finance (DeFi) landscape prioritizes absolute returns and discloses little to no past performance or potential risks. Castle seeks to change the current narrative by producing open-source products that mitigate risk, yield sustainability, and are easy to use. Using their tools, organizations can secure their financial futures indefinitely and free up bandwidth for web3 builders to focus on what they do best.
“DAOs are the future of capital coordination at scale. In order to achieve their world-changing missions, DAOs will need to use purpose-built DeFi products to manage that capital,” Says Charlie You, co-founder of Castle Finance. “Building those tools is our mission at Castle, and we can’t wait to see what our customers are able to accomplish as a result.”
Castle Finance was launched earlier this year with the intent to build DeFi products with a strong emphasis on risk management in order to minimize principal loss chances. As reported in the Medium article, the protocol is working with ecosystem participants to study systemic risk, define best practices, and find innovative solutions to DeFi’s most pressing problems. Further, Castle builds tools to help Decentralized Autonomous Organizations (DAOs) streamline financial management, including tools for stablecoins, liquidity provisioning, and staking.
What is Castle Finance:
Castle is developing the next generation of crypto-native products to allow businesses to deploy their assets in a risk-averse manner. Castle Finance provides protocols, companies, and DAOs with the financial resources they require to function at their full potential and carry out their visions. The Castle product ecosystem addresses the entire spectrum of treasury assets and core financial functions. In addition, the protocol collaborates closely with prominent DAOs to develop customized solutions that simplify treasury management and free up bandwidth so that web3 builders can focus on development and growth.
Learn more about Castle Finance:
Source : web3wire.news