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Sheesha is working to make DeFi programmes more available to the general public.
Sheesha Finance, a decentralised finance mutual fund headquartered in the United Arab Emirates, received $9.44 million in a two-week token sale, demonstrating increased market interest in DeFi apps.
The token auction, dubbed a liquidity generation event (LGE), omitted private purchases and early donation incentives, allowing for micro-investments of as little as 0.0001 Ether (ETH). LGE donors distributed 3,171.31 ETH worth $6.35 million and 7,769.43 Binance Coin (BNB) worth $3.08 million.
Investors who contributed to the LGE will swap their liquidity provider tokens for the native SHEESHA token. SHEESHA holders are entitled to earn prizes for each block mined.
Saeed Hareb Al Darmaki, founder of Sheesha Finance, credited the “strong support” from the DeFi community for his company’s initial success:
“With the strong support of the DeFi community, strategic advisors and partners onboard, we can provide exposure to reputable projects in the DeFi space while offering the best APY options for our ecosystem participants.”
Among Sheesha’s advisory board members are Galaxy Digital co-founder David Namdar, Stakehound CEO Albert Castellana, and Transform Group’s Michael Terpin.
Sheesha is attempting to make DeFi more available to mainstream investors by developing “easily convertible assets” that can be used to obtain exposure to both new and current DeFi ventures. Decentralized banking is already one of the blockchain industry’s hottest verticals. According to the most recent market estimates, DeFi protocols have locked in nearly $108 billion in cash.