According to Foresight News, OpenTrade, a platform for Web3 institutional loans and yield products, has successfully raised $3.2 million in a seed funding round. The round saw participation from a16z Crypto Startup Accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs, and Plassa Capital. The funds raised will be used to expand all key functional department teams.
OpenTrade is built on Circle's payment and DeFi infrastructure. With OpenTrade, regulated asset management companies can create on-chain lending products that can bear yields. They can deposit USDC or EURC into on-chain vaults with certain investment standards and target returns.
Previously, OpenTrade completed a $1.5 million financing round in May last year. The round was led by Sino Global Capital and saw participation from Circle Ventures, Kronos Research, Kyber Ventures, Polygon Ventures, and Outlier Ventures.
