Decentralized lending protocol Echelon has raised $3.5 million in a seed funding round led by Amber Group, with backing from several crypto venture capital firms.
Funding Goals
The platform plans to use the funding to promote the decentralized finance ecosystem. Echelon aims to expand its product offerings, grow its team, and implement treasury, cross-chain vaults, and real-world asset-backed strategies.
Move-Based DeFi
Echelon offers a money market platform for borrowing and lending of crypto assets through non-custodial pools, enabling customers to earn interest and leverage their assets to increase their buying power. Users on the decentralized lending platform can achieve further earning opportunities via staking and real-world assets. Echelon aims to bring its products across DeFi and RWA to blockchains built with the Move programming language, such as Aptos and Sui. The Rust-based language has increasingly become popular in the smart contracts space since its use in Meta’s Diem project. Echelon will also target Movement, a network of modular Move-based blockchains, allowing developers to build interoperable dApps that bridge Move-based platforms and Ethereum virtual machine ecosystems. Movement is ethereum's first Move-EVM layer-2 network.
Funding Participants
Apart from Amber Group, Echelon’s seed round attracted participation from several strategic partners, including Laser Digital, Selini Capital, Interop Ventures, Saison Capital, and Re7.
The funds raised by Echelon will help in developing the decentralized finance ecosystem and implementing new strategies, including cross-chain and real-world asset opportunities.
Comments