Beta Finance aims to resolve the inefficiency of short selling on the DeFi ecosystem with its user-friendly protocol, and looks to scale up with its latest investment round
Decentralised Finance (DeFi) Protocol Beta Finance has raised USD $5.75 million in private and public launchpad investment rounds from a collection of investors which include Sequoia Capital India, ParaFi Capital, DeFiance Capital, Spartan Group, GSR, Delphi Digital, and Multicoin Capital.
Principal at Sequoia India, Pieter Kemps, states that “In addition to being the pioneer for one-click shorting, Beta has already proven its ability to accommodate a diverse range of assets (including volatile ones) while remaining secure by becoming the very first protocol to short an NFT when it enabled short-selling for the $NFD token, just a week after launching the protocol. We are very optimistic that Beta will become a key stakeholder for the DeFi ecosystem going forward.”
Beta Finance aims to resolve two issues in the DeFi space. First, it is looking to tame cryptocurrency volatility by using short selling to provide liquidity and restraints. Secondly, it aims to bridge the inefficiency of DeFi short selling by providing a user-friendly protocol for short sellers to use with a single touch. In the first month of its launch, Beta Finance has processed more than 10,000 deposits, 1,000 borrows, and 500 short positions for over 10,000 unique addresses, and the protocol had an average total value locked of over $195 million.
The protocol was built as a permission-less money market for lending, borrowing, or short-selling crypto assets, and features a one-click solution to short sell tokens easily. It also allows traders to update their short positions with important token information directly available on the interface. Beta Finance was the first incubated project on Alpha Launchpad, which is a part of Alpha Finance Lab’s ecosystem, and the protocol launched its token sale from 30th September to 8th October on Binance Launchpad.
Allen Lee, the CEO of Beta Finance, said the company aims to push the limits of money market efficiency and resilience by creating the infrastructure needed to combat extreme price volatility in the crypto space. With the latest investment round, he hopes to scale Beta Finance and onboarding any token to enable traders to use its short selling tool to its fullest potential.
Looking for more news? Check out these articles below:
- 4 Best Cryptocurrency Exchanges To Consider In Singapore
- StraitsX unveils new platform while celebrating SGD 2 Billion mark
- Exploring the metaverse with ImpactNFT Alliance Exhibition