Ethereum-based decentralized finance(DeFi) platform Zerion has raised $8.2 million in Series A funding. The firm provides access to more than 50,000 digital assets and 60 protocols such as Aave, Yearn.finance, and Curve, and reportedly serves more than 200,000 active users each month.
The Series A funding was led by Mosaic Ventures, with other participants including Placeholder, Digital Currency Group, Lightspeed Venture Partners, and Blockchain.com Ventures.
The startup plans to utilize the capital raised to increase its existing user base to 1 million, introduce new features on the platform and expand its team from 18 to 25 members, according to co-founder and CEO Evgeny Yurtaev.
As part of the round, Mosaic co-founder and partner, Toby Coppel, and Brad Burnham, venture partner at Placeholder, have joined Zerion’s board of directors.
Since December 2019, the startup has accumulated $10.2 million in its war chest, which it will divert to improving the user experience on its platform. The company’s team estimates that customers access their app roughly nine times every day. Therefore, Zerion hopes to build a better trading experience with asset discovery and portfolio tracking features in the future. It is also working on adding support for other blockchains and layer-two protocols that are popular among DeFi users by the third quarter of this year.
DeFi platforms have made headlines this year with many services gaining considerable momentum in the sector. In the last 12 months itself, the number of addresses that have interacted with DeFi protocols has risen from 25,000 to almost 3 million. And despite the recent downturn in the crypto market, leading DeFi projects have multiplied their gains since the start of the year.
Presently, the decentralized finance sector offers myriad services such as lending, borrowing, exchanges, and payments. Many believe the acceleration in DeFi would lead to the adoption of Web 3.0, the third generation of internet service that will enable individuals to connect with global counterparts to trade value, information, or work without a third party.