Drop Protocol, a NYC-based provider of a liquid staking protocol for Interchain assets and an inaugural member of the Lido Alliance, raised $4M in Seed funding.
The round was led by CoinFund, with additional backing from CMS Holdings, Anagram, Interop Ventures, Cosmostation, and others. Angel investors included Vasiliy Shapovalov (Co-founder of Lido DAO), Mustafa Al-Bassam (Co-founder of Celestia Labs), and Jon Kol (CEO of Abacus Labs, a core contributor to Hyperlane).
The company intends to use the funds to strengthen the economic viability of sovereign blockchain economies.
Led by Mitya Argunov, Drop enables users to auto-compound staking rewards while retaining the ability to deploy their assets in various dApps for additional yield and benefits, earn DROP rewards, remain eligible for airdrops, support ecosystem growth, and exit their position at any time. As a result, Interchain dApps benefit from new users and asset inflow, while networks benefit from increased economic activity without sacrificing network security.
Since its launch, Drop has attracted over 10,000 unique users and enabled $20M worth of digital assets to be deployed across different dApps and DeFi opportunities.
FinSMEs
17/10/2024