San Francisco-based Decentralized finance (DeFi) investing app Zerion announced July 7, Wednesday, completed a Series A funding with a total value of $8.2 million.
Reportedly, Mosaic Ventures led the financing, and other companies included Placeholder, DCG, Lightspeed, Blockchain.com Ventures.
The funds raised this time will develop new features for the global user base, speeding up its product roadmap and talent acquisition.
In addition, Toby Coppel from Mosaic Ventures and Brad Burnham from Placeholder will contribute their industry expertise and join Zerion’s board of directors.
The co-founder and partner at Mosaic Ventures, Toby Coppel, said that:
“We believe that Zerion will emerge as the leading interface for the financial products of the future-DeFi is creating an entirely new alternative financial ecosystem and Zerion enables millions of users to easily and transparently interact with it.”
Zerion was founded in 2016. To facilitate more people to enjoy financial products and services based on DeFi, the Zerion team built the first DeFi native application. The application has processed more than $600 million in transactions year-to-date, with a daily transaction volume of $5 million.
Evgeny Yurtaev, CEO and co-founder at Zerion, stated that:
“Zerion has quickly become a go-to app for many DeFi users. This milestone marks a new chapter on our path to a better financial world.”
Zerion provides users with a single entry point to easily manage their digital assets. Any asset traded on the Ethereum blockchain (and other blockchains shortly) can be traded on Zerion, including the DeFi index and yield generating assets, liquidity pools, and automation strategies.
Unlike trading platforms such as Coinbase or Robinhood, Zerion does not have custody of its users’ funds. This means that it will not store users’ digital assets on the platform, which greatly reduces the risk of centralisation and stimulates the platform’s rapid growth.
The platform currently supports Ethereum-based assets and protocols, and Zerion is also actively seeking multi-chain support. Yurtaev stated that it would fully support other blockchains in the third quarter of this year, including Polygon and Binance Smart Chain (BSC).