Decentralized finance (DeFi) startup, Zerion announced today that it had raised $2 million in a seed funding round led by major venture capital firm, Placeholder, with Blockchain Ventures, and Gnosis as the other participants.
Zerion will use the newly raised funds to improve its decentralized finance platform, which currently allows non-technical users to acquire, track and manage assets on many leading DeFi protocols, including MakerDAO, Compound, Uniswap, Set, and Fulcrum.
The startup noted in the announcement that the new funding would facilitate the creation of an integrated experience that overcomes the fragmentation, complexity, and lack of trust in decentralized financial products that have, to date, held back the adoption of DeFi.
So far, Zerion has reportedly achieved significant milestones, including processing more than $16 million in Compound deposits, originating more than $19 million in simple send transactions, all on its way to becoming one of the best portfolio management tools for DeFi.
While commenting on their decision to fund Zerion, Samuel Harrison, Managing Partner at Blockchain Ventures, the venture capital arm of leading crypto company Blockchain.com, hailed Zerion’s potential to improve the DeFi experience. He added:
DeFi has rapidly gone from an exciting theoretical blockchain use-case, to having a real-world impact for an entirely new type of users, particularly for those poorly addressed by the traditional financial ecosystem.
Both the crypto ecosystem and traditional financial firms are betting big on the future of decentralized finance solutions.
In October, Coinfomania reported that the Nervos blockchain would host DeFi apps for state-owned China Merchants Bank International (CMBI).