Solana-Based DeFi Project Hubble Protocol Raises $10M

Decentralized finance (DeFi) project Hubble Protocol has raised $10 million in funding ahead of its mainnet launch later this month. The capital will be used toward expansion of the team and DeFi project offerings.

Investors in the funding round included Three Arrows, DeFiance Capital, Delphi Digital, Digital Currency Group (the parent company of CoinDesk), Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.“We are thrilled to back the Hubble team as they build core DeFi primitives for the Solana ecosystem, from a decentralized stablecoin to an innovative borrowing marketplace to under collateralized lending. These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market,” said Matthew Beck, director of investments at Digital Currency Group, in a press release.The funding round comes a month after Hubble Protocol announced a $3.6 million seed round that included Three Arrows and Delphi Digital among the investors.On Jan. 28, London-based Hubble will launch the first phase of its development, a zero-interest borrowing platform that mints USDH, a new stablecoin.The Hubble Protocol is based on Solana, the blockchain that tackles scalability issues by combining proof-of-stake and proof-of-history consensus methods to support a high volume of transactions per second.Hubble’s future plans include developing under-collateralized lending services. The company also plans to become a decentralized autonomous organization (DAO).

Read more: Solana Top Gainer Among Crypto Majors After BofA Endorsement, Rising NFT Activity

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