DeFi portal InstaDApp raises $2.4M in seed funding
October 1, 2019, 5:10PM EDT
1 min read
InstaDApp, a digital banking portal for DeFi protocols, has raised a $2.4 million seed round from investors including Pantera Capital, Coinbase Ventures, and Naval Ravikant.
InstaDApp enables users to manage and monitor their Ethereum-based assets through a non-custodial platform. On InstaDApp, users can borrow, lend, swap, and leverage their assets through various decentralized finance protocols (DeFi) like Uniswap, MakerDAO, and Compound.
InstaDApps is founded by brothers Samyak Jain and Sowmay Jain. According to a blog post by Jain, the brothers were active participants in the Indian financial ecosystem. The brothers eventually dropped out of school to build products for DeFi. "We have been living and breathing crypto and DeFi for almost our entire formative lives, including accepting grants, doing payrolls and financing our expenses from ETH backed collateralized loans," the blog post reads.
The popularity of InstaDApps among Ethereum users has helped propel the project to the top of the leader board on DeFi ranking site, DeFi Pulse. According to the site, InstaDApps' smart contract holds $34 million in ether.