DeFi Platform Ondo Finance Raises $20 Million
ONDO logo

DeFi Platform Ondo Finance Raises $20 Million

With decentralized finance continuing to capture interest, a DeFi startup has just announced a significant early-stage funding. This week, Ondo revealed that it had raised $20 million. The Series A was led by the Peter Thiel-founded firm Founder Fund as well as Pantera Capital. Other participants include Coinbase Ventures, GoldenTree, Wintermute, Steel Perlot, Tiger Global, and Flow Traders.

Previously, Ondo closed a $4 million seed round last year, which was also led by Pantera. With the latest funds, the company plans to expand its team and fuel its multi-chain expansion.

Ondo is a platform that offers a number of DeFi products that describes itself as a decentralized investment bank. In particular, the company has aimed to attract mainstream investors and bring them into the world of DeFi. To do that, they state that their platform “repackages these assets into easily understood risk/reward offerings, and then matches and offers these assets to both institutional and retail investors.” On that note, Ondo plans to launch a number of new features in the coming months, including vaults that bundle yields from algorithmic stablecoins. Additionally, the platform says it will be expanding compatibility to include other protocols, such as Curve and Convex.

Commenting on the company’s success to date, Ondo Finance’s founder and CEO Nathan Allman said in a statement, “We’ve been delighted to see the demand for Ondo’s community vaults and Liquidity-as-a-Service offerings, which have really been a simple MVP with no liquidity mining or other incentives from us.” He added, “We’re excited for some new product launches that will make it much easier for passive investors to obtain broad exposure to DeFi yields at a customized risk level.”

Meanwhile, Pantera Capital partner Paul Veradittakit said of Ondo, “The growth of algorithmic stablecoins and expansion of DeFi from Ethereum to other blockchains has led to tremendous yield opportunities but with greater complexity and risks. Ondo will make it possible for investors to get passive exposure to this increasingly scattered but abundant yield while receiving downside protection or enhanced returns.”

Even with the decentralized finance sector being as hot as it is right now, a $20 million Series A is still fairly impressive. Furthermore, Ondo’s latest round speaks to another theme that has emerged in FinTech VC recently: a growing number of significant early-round raises. Now, with some major players behind them and no shortage of new ideas for features, the wind definitely seems to be at Ondo Finance’s back as they look to move forward.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...