General Protocols Seed Funding Round, Raises $1 Million
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General Protocols Seed Funding Round, Raises $1 Million

May 8, 2020      Jyoti Singh

The General Protocols startup recently, raised over $1 million in a seed funding round and now is creating a Decentralized Finance (DeFi) vision, AnyHedge on Bitcoin Cash.

Flagship Product Of General Protocol

The flagship product of the Singapore-based team i.e., AnyHedge, is an open-source derivatives tool which is used for trading. The OTC desks could install this tool to build a new market with smart contracts.

The participants of the seed funding round were Marc De Mesel, a crypto trader, and BCH ‘thought leader’ Molecular. Other teams that invested in the General Protocol were the two former employees of Bitcoin.com and those people who had helped willingly to develop a fundraising project for Bitcoin Cash, Flipstarter.cash.

The President of General Protocols, while expressing its excitement after the funding round, said, “We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash”.

The president has mentioned that General Protocols is creating a team which would be a hardcore supporter of peer-to-peert electronic cash.

Uphill Battle Of DeFi On Bitcoin Cash

Currently, the DeFi is experiencing an uphill battle on Bitcoin Cash platform because of the network effects of Ehtereum based projects.

The defiprime.com has mentioned that out of 213 DeFi projects listed on it, 199 are developed on Ethereum, with about 10 percent being supported by other platforms like Bitcoin (BTC), EOS or Tron (TRX).

In February 2020, the Defi market locked amount which reached an all-time high (ATH) of $1.24 billion in USD, but before that, it dropped to $887 million.

At that time the Lightning Network of Bitcoin locked $9.3 million.

In the year 2019, a common ERC-20 token was launched by Bitcoin Cash. The spin-off of Bitcoin used Simple Ledger Protocol (SLP) for releasing the token.

It is to be noted that SLP has created only 30 tokens till date, but it released the world’s largest stablecoin Tether on Bitcoin Cash.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.