DeFi API startup Conduit raises $17 million from Portage Ventures
January 13, 2022, 10:01AM EST
1 min read
Canadian startup Conduit has raised $17 million in a funding round led by Portage Ventures, according to a statement. FinVC, Gemini Frontier Fund, and ex-a16z partner Rex Salisbury also participated in the round.
Conduit creates APIs — a software tool that enables easy access to new services — that it says will allow fintechs, neobanks, and traditional financial institutions to easily integrate high-yield DeFi accounts into their existing product offerings. They say that this will increase access to DeFi and facilitate mainstream adoption.
"We’re excited to back Conduit, as we believe bridging the DeFi and fintech worlds is a massive opportunity," says Stephanie Choo, partner at Portage Ventures. "The Conduit API will allow a whole new set of consumers to participate directly from platforms they already use."
APIs have previously been utilized by fintechs and legacy banks to provide new features to their customers that range from cryptocurrency investment services to new payments methods to savings accounts. In this space last year, open banking API startup TrueLayer raised a $130 million round led by Tiger Global.
Conduit plans to use the extra funding to further build out its APIs and expand to Latin America and the US.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.