DeFi platform Krystal raises $6.6 million in seed funding
August 4, 2021, 9:00AM EDT · 2 min read
- DeFi platform Krystal has raised $6.6 million in a seed funding round led by Hashed.
- Krystal plans to expand its team and strengthen its research and development efforts.
Krystal, a crypto platform that offers access to various decentralized finance (DeFi) protocols, has raised $6.6 million in a seed funding round.
The round was led by crypto venture firm Hashed, with participation from Signum Capital, BlockTower, Crypto.com, Arrington Capital, DeFi Alliance, Coin98, and others.
This was an equity round and will help Krystal expand its team and strengthen its research and development efforts, CEO Sunny Jain told The Block. Krystal's current headcount is 25, and Jain plans to hire more developers to launch more features on the platform.
Krystal currently allows users to swap tokens through DeFi protocols like Uniswap and SushiSwap and earn yield through platforms such as Compound and Aave. Krystal currently supports Ethereum, Binance Smart Chain, and Polygon networks, and plans to integrate more protocols and blockchains, including Solana and Polkadot, said Jain.
As for new features, Jain said Krystal plans to provide access to non-fungible tokens (NFTs) and staking on its platform. "Plans are still in initial stages, as Krystal's research and development team is still working on concrete steps on development and implementation. By end-August, we expect to start rolling out elementary features at these fronts," said Jain.
Initially incubated at Kyber Network, Krystal was launched in April of this year and currently has 8,000 to 9,000 users from around 87 countries, said Jain. Its most popular markets are the Philippines, India, Vietnam, Indonesia, the U.S., and Nigeria, he added.
"In the short span since Krystal's launch, the seamless aggregation of multiple DeFi services, such as token swaps, earning interest, and portfolio management, has already proven to be a great asset for new DeFi users and veterans alike," said Hashed CEO and managing partner Simon Kim. "We're excited to see what new product developments they will deliver to improve usability on various blockchains."
Asked if Krystal has plans to launch its own token in the future, Jain said it was a possibility but there are no immediate plans on that front.
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