The Singapore-based startup General Protocols have raised more than $1 million in a seed funding round, as it seeks developing its Decentralized Finance (DeFi) vision on Bitcoin Cash (BCH).
This fundraising round enables the team based in Singapore to develop their flagship product AnyHedge on Bitcoin Cash. Anyhedge is an open source derivatives tool that can be embedded in exchanges and OTC desks enabling them to create new smart contract markets.
Funding is sourced from investors including cryptocurrency trader Marc De Mesel and BCH ‘thought leader’ Molecular, and the team includes two former Bitcoin.com employees and individuals who helped build the voluntary Flipstarter.cash fundraising project for BCH.
DeFi refers to digital assets and smart financial contracts, protocols and decentralized applications (DApps) that are built on different blockchains.
John Nieri, the President of General Protocols said:
“We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.”
DeFi faces an uphill battle on Bitcoin Cash due to the network effects of Ethereum based projects. According to defiprime.com, of the listed 213 DeFi projects, 199 are being built on Ethereum, with approximately 10% being supported by other platforms such as Bitcoin (BTC), EOS (EOS) or Tron (TRX).
The amount locked in the Defi market hit an ATH of $1.24 billion in U.S. dollar value in February this year, before falling back to $887 million (as of press time) with 99 percent of that on Ethereum. Bitcoin’s Lightning Network has locked only $9.3 million (1.05 percent of total locked value).
Bitcoin Cash released their own generic version of the ERC-20 token last year through their Simple Ledger Protocol (SLP). While so far only 30 SLP tokens have been created, Bitcoin Cash has launched the biggest stable coin Tether.
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