Echelon, a San Francisco, CA-based developer of a decentralized lending protocol, raised $3.5M in seed funding.
The round was led by Amber Group, with participation from strategic partners including Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7.
The company intends to use the funds to expand offerings by developing treasury and RWA-backed strategies, implement vaults for cross-chain deposits, and hire full-stack and smart contract engineers while expanding its marketing team.
Echelon is a money market that facilitates the borrowing and lending of assets via non-custodial pools, enabling users to earn interest and increase buying power via leverage. Positions are overcollateralized to protect lenders while offering the capital efficiency for borrowers. The protocol is complete with isolated pools for long tail assets and one click strategies for leverage staking and RWA backed vaults such as leveraged treasuries.
FinSMEs
27/08/2024