Quasar Finance raises $5.4M
Quasar Finance raises $5.4M to advance interchain DeFi, announces public testnet launch date and new website. Quasar has successfully raised $5,432,100 USD (countdown intended) for its bridge round, with a $70 million USD valuation.
This bridge round was led by Shima Capital. Alongside returning investors Polychain Capital, Blockchain Capital, HASH CIB, and Osmosis founder Sunny Aggarwal. New investment also comes from Anagram and major players in the Cosmos ecosystem such as Cosmostation, Keplr, and Everstake.
“Quasar is an irreplaceable cornerstone of Cosmos and is a critical unlock for DeFi across IBC protocols. Quasar not only solves for the ecosystem’s fragmented capital shortcomings but also provides cutting-edge, secure financial mechanisms for a diverse user base. Valeyo and his team fundamentally redefines on-chain asset management and establishes Quasar as a strong precedent for the next generation of DeFi applications.”—Alex Lin, Shima Capital
$11.5 million USD for the development of its interchain D.A.M
In total, Quasar raised more than $11.5 million USD for the development of its interchain D.A.M (decentralized asset management) protocol. It is powered by IBC-enabled smart contracts and a dedicated Cosmos appchain. An up round with these market conditions is a massive show of confidence and a significant reaffirmation of its partners’ commitment to the common goal — making non-custodial and permissionless asset management available to all.
Furthermore, Quasar is the only D.A.M appchain designed around IBC-enabled, permissionless, non-custodial, customizable vaults. Quasar is expanding the scope and accessibility of DeFi asset management. Soon, anyone will be able to create vaults and activate strategies capable of using automation to deploy assets across multiple blockchains. An automatically rebalancing index of the Cosmos ecosystem, capable of staking included assets, will be one of its earliest offerings.
Furthermore, IBC is what makes this all possible, allowing for protocol-native cross-chain transfers. Because it can be implemented on any chain (with minimal prereqs) without the need for a centralized third party, IBC is pushing the days of cross-chain bridges behind Quasar. In addition, IBC is playing a key role in driving DeFi closer to what it should be and is now expanding beyond Cosmos, coming to Polkadot & Near. Quasar emphasizes ease of use and promises to be one of the best entry points into the IBC experience.
Quasar is a decentralized app chain built for interchain asset management. Quasar (pronounced QWAY-ZAR) is a decentralized app chain enabling interchain digital token management. A digital token can be anything from digital certificates, and authentication codes, to fungible or non-fungible tokens. Management can be anything one would like to do with the digital token such as save, co-manage, crowdsource, or crowdlending. Quasar offers a transparent, secure, and governable platform to build general-purpose management containers (Vaults).