On March 1, the startup General Protocols announced that it had raised $ 3 million in a Series A funding round led by a number of strategic investors. General Protocols is the company behind the Anyhedge Protocol, the first decentralized financial project (defi) based on the Bitcoin Cash network.
“The untapped power behind the concept of programmable money”
General Protocols announced on Monday that the startup had completed a Series A funding round that was funded by a number of investors. News.Bitcoin.com has reported on common logs on numerous occasions as the startup believes that “smart contracts on programmable money are the foundation for moving billions of dollars to unrecorded and trusted networks.”
At the end of December, in addition to the decentralized exchange of Detoken (Dex), general protocols introduced the Anyhedge protocol into the wild.
As the first public defi protocol built on top of the Bitcoin Cash (BCH) network, Detoken and Anyhedge smart contract users can secure or extend their Bitcoin cash and earn a funding premium while not keeping their keys on custody.
During the announcement on Monday, the first non-custodial BCH derivatives exchange announced that it has around $ 130,000 in Total Value Locked (TVL) and around $ 4 million in Total Historical Value Locked (THVL) every day.
“We are proving that trustworthy, decentralized defi works with Bitcoin Cash and that there is a real demand for it,” said the company during the financing announcement.
According to General Protocols, the company completed its first Series A funding round and received $ 3 million from cryptocurrency industry executives, blockchain makers and shakers, and early bitcoin adopters. Investors who ran the $ 3 million Series A General Protocols include Marc De Mesel, Roger Ver, Christopher Wu, Margus Kokk, and Mike Komaransky.
The company said the investors are pioneers who helped build the “Bitcoin Ecosystem” and are now continuing to distribute peer-to-peer e-cash by building the Bitcoin Cash Ecosystem (BCH).
General Protocols Believe “Smart Money and Decentralized Funding Are Just the Beginning”
The BCH-centric Defi startup says it’s been a year since it started developing decentralized financial solutions that focus solely on leveraging the Bitcoin Cash network. The team’s vision is to solve the volatility problem plaguing the adoption of crypto and also benefit from low fees and instant payments through the BCH blockchain.
“The first form of this is Anyhedge, a non-custody hedge / long protocol,” concludes the General Protocols announcement. “As speculative liquidity increases, it is becoming easier and easier for companies to take full advantage of Bitcoin Cash along with stability in USD, gold, oil, or any asset they prefer,” the team added.
In 2020, Defi has grown in popularity on the Ethereum blockchain and there is over $ 38 billion in TVL according to statistics from market aggregator defipulse.com. However, in the second half of 2020 and through 2021, a number of other blockchains such as Tron, EOS, and Bitcoin launched Cash Defi projects.
Crypto backers hope that blockchains like Ethereum will eventually scale up to ease the pressure. Some proponents believe that alternative blockchain solutions will lead to congestion and high fees, which is currently plaguing the Ethereum network and its defi users.
What do you think of the $ 3 million general logs collected from strategic crypto investors? Let us know what you think on this matter in the comments section below.
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Anyhedge, Anyhedge Protocol, BCH Network, Bitcoin Cash, Decentralized Financing, DeFi, Derivitive, Detoken, Futures, General Protocols, Hedging, Hedging, Non-Depot, Open Source, Oracle, Short, Technology
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