Decentralized finance (DeFi) trading platform Enso Finance, announced Tuesday it has closed a $5 million private funding round co-led by Polychain Capital and Dfinity Beacon Fund.
- Other participating investors included cryptocurrency investment firm Multicoin Capital, P2P Capital, Singapore's Spartan Group, Zola Global, and The LAO and angel investors from AngelList, Dfinity, Synthetix, Status, Fantom, Nexus Mutual, Aave and Messari, according to Enso Finance.
- The funding will be used to develop Enso’s platform, expand its community, and go toward its mainnet launch scheduled for the second quarter of this year.
- Enso highlights the trading landscape has become “highly fragmented” which makes it complicated for traders to hedge or generate yield.
- The firm claims to solve this issue by allowing traders to create “metastrategies” by subscribing to or following other traders and combining strategies together.
- “Traders using Enso can batch purchase assets on AMMs [automated market makers], yield farm, liquidity mine, rebalance based on tolerance bands, restructure debt, execute flash swaps, or run arbitrage trades,” said the firm.
- “While other platforms focus on either active or curated passive strategies, Enso is fully customizable and enables anyone to become a fund manager with the click of a button,” said Spencer Applebaum, an associate at Multicoin Capital.
Read more: NYDIG Raises $100M From Insurance Giants in Latest Round
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.