The $7 million raise by Evrynet demonstrates institutional interest in DeFi.

 49 Interactions,  2 Today

The market for decentralised finance is quickly expanding. DeFi is becoming more appealing to institutional investors, with approximately $155 billion in total value locked up.

Evrynet, a financial services platform, has completed a $7 million crowdfunding for their upcoming decentralised finance app aimed at institutional investors, providing another evidence that DeFi has an institutional-grade clientele.

The private investment round was led by Signum Capital, a Singapore-based blockchain venture fund, with participation from Petrock Capital, Ellipti Ventures and others. Evrynet’s previous backers include HashKey Capital, Everest Ventures, Hanwha Investments and Securities, and Seven Bank, among others.

The money will help Evrynet provide institutional-grade DeFi services to investors via its upcoming Evry.Finance application, which will function as an exchange, liquidity pool, and staking platform. In addition, the organisation is creating infrastructure to connect decentralised and real-world assets. The infrastructure of Evrynet is compatible with ERC-20 and BEP-20 coins.

DeFi acceptance among retail investors is increasing as a result of high-yielding opportunities in the crypto lending, staking, and liquidity mining industries. While institutional investors are amassing crypto assets such as Bitcoin (BTC) and Ether (ETH), they have been much more cautious in dealing with DeFi.

See also  Julian Assange's support was strengthened by $400K contributions as Mexico proposes asylum

As one might expect, crypto-focused hedge funds have been much quicker to embrace DeFi. According to a recent survey by PwC, 31% of crypto hedge funds have reported using decentralized exchanges.These firms’ fund managers remain enthusiastic on cryptocurrency’s prospects, with several predicting a $100,000 Bitcoin price by the end of 2021.

Players in the crypto sector, such as Grayscale and Bitwise, have already made inroads into DeFi. Meanwhile, VanEck, an investment manager, predicts that DeFi will have a larger portion of the non-Bitcoin blockchain business in the future. As more consumers opt for the efficiency and yield possibilities of decentralised protocols, DeFi disruption will be seen in the traditional banking sector as well.

Subscribe to our newsletter

Loading

Leave a Reply

Your email address will not be published. Required fields are marked *