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Enso Finance Completes $5M Funding Round Led by Polychain, Dfinity
The funding will be used to develop Enso’s platform and expand its community.
Decentralized finance (DeFi) trading platform Enso Finance has closed a $5 million private funding round co-led by Polychain Capital and Dfinity Beacon Fund.
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- 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, Enso Finance said Tuesday.
- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
