Dubai, United Arab Emirates, August 28, 2024, Chainwire
Cypher Capital, a multi-strategy cryptocurrency investment firm, today announced its participation in a $3.5 million seed funding round for Echelon, an innovative decentralized lending protocol. The seed round attracted additional support from strategic partners including Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7.
This investment demonstrates Cypher Capital’s commitment to supporting advanced solutions in decentralized finance (DeFi) and blockchain technology. Echelon aims to improve DeFi lending by enhancing capital efficiency, integrating with other DeFi applications, and delivering innovative yield strategies on Move-based blockchains such as Movement and Aptos.
“Echelon has proven that its project is truly driving innovation in the DeFi space,” said Harsh Agarwal, Chief Investment Officer at Cypher Capital. “Echelon’s focus on capital efficiency, user-friendly design, and its potential to integrate real-world assets make it stand out in the evolving DeFi landscape. We are excited to support its efforts in developing high-yield lending markets.”
Echelon’s protocol includes advanced features such as increased borrowing capacity on correlated assets, sandboxed funds for niche asset markets, and direct wallet integration for optimized yield strategies. The platform is designed to target institutional-grade markets while ensuring affordable borrowing rates and innovative yield opportunities.
“This funding will help us build additional lending and risk management products, expand into new networks, and provide global access to dollar-denominated yields,” said Glen Rose, co-founder of Echelon. “We are excited to develop core primitives on high-yield Move-based chains.”
With the new funding, Echelon plans to enhance its offering by developing treasury- and real-world asset (RWA)-backed strategies, implementing cross-chain deposit vaults, and expanding its team of full-stack and smart contract engineers.
About Cypher Capital
Cypher Capital is a leading early-stage venture capital firm focused on investing in Web3 infrastructure and applications that will power the new digital economy. Guided by environmental, social, and governance criteria in every investment decision, Cypher is shaping the future of digital currencies, public markets, and Web3.
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About Echelon
Echelon is a highly efficient decentralized lending protocol that allows users to borrow and lend assets via non-custodial funds. Its platform improves capital efficiency and borrowing power while providing secure, over-collateralized positions. Echelon supports isolated funds for long-tail assets and offers leverage-optimized staking and RWA-backed vaults, positioning itself as a leader in the next generation of DeFi protocols.
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This article was originally published on Chainwire
