Borderless Capital Leads $1.5M Seed Spherical For Synonym Finance to Ship Strong, Versatile Cross-Chain DeFi Lending

[PRESS RELEASE – Toronto, Canada, January 24th, 2024]

Oversubscribed Spherical With Prime Blockchain VCs Included Robotic Ventures, Massive Mind Capital & Veris Ventures

Synonym Finance, a cross-chain lending platform, at present introduced its oversubscribed seed spherical funding spherical totalling $1.5 million. The elevate was led by Borderless Capital, a number one Web3-native funding supervisor with give attention to fostering dynamic blockchain ecosystems and cross-chain applied sciences. Constructed on the Wormhole xChain Expertise Stack and Arbitrum, Synonym delivers DeFi customers a strong cash market with deep liquidity and cross-chain effectivity.

An armada of Layer-1s, rollups and sidechains is rising, creating new avenues for blockchain scaling. Nonetheless, with this diversification of alternatives, on-chain liquidity has turn out to be more and more fragmented. Concurrently, when new chains seem, DeFi professionals search to strive them out, which necessitates the bridging of belongings, incurring inefficiencies reminiscent of excessive charges, sluggish switch occasions, and the trouble of wrapping and unwrapping tokens.

Synonym’s cross-chain cash market solves the issues of fragmented liquidity and inefficient bridging, by permitting professionals to make use of the identical liquidity throughout a number of chains. Synonym achieves this by enabling the borrowing of belongings on one blockchain by utilizing collateral belongings on one other blockchain. Leveraging cutting-edge applied sciences like Circle’s CCTP, Synonym goals to empower customers with a best-in-class cash market expertise.

“We’re thrilled to again the group behind Synonym Finance and their mission to offer safe cross-chain borrowing and lending, whereas fixing one of many largest issues throughout web3 — fragmented liquidity. Leveraging the Wormhole stack canonically, Synonym is advancing the general maturity of DeFi for customers, builders, and establishments throughout web3 and past, beginning with a common cross-chain cash market,” mentioned Alpen Sheth, Associate at Borderless Capital.

“We will’t be extra enthusiastic about Synonym Finance and their suite of merchandise that leverages each the rising ecosystems of Wormhole and Solana,” mentioned Sam Kim, Basic Associate at Massive Mind Holdings. “We imagine the group will assist unlock Ethereum capital and open up Solana DeFi for Ethereum customers.”

The profitable seed elevate drew assist from a few of the most notable enterprise funds, together with Robotic Ventures, Massive Mind Holdings, Veris Ventures, AWVC, SerDAO and angels from Jones DAO, Arbitrum and extra.

“Synonym boldly addresses the complexities of cross-chain lending (desync, collateral whitelisting, collateral cap, and so on),” mentioned Michael Tan, Basic Associate at Veris Ventures. “We’re thrilled by the group’s imaginative and prescient and potential to pioneer true cross-chain borrowing. It’s a essential resolution for capital effectivity throughout all current and upcoming blockchains, and we imagine Synonym could possibly be a key enabler in realizing this future.”

“We’re humbled and extremely excited to have the backing of such noteworthy companions and advisors,” commented 0xbeachball, Founding father of Synonym Finance. “The cross-chain lending sector is extraordinarily underdeveloped, and we see a major hole for a extremely versatile cross-chain cash market to accumulate customers in each new and current ecosystems. We’re constructing Synonym to be a extremely versatile cross-chain lending protocol that may ship liquidity and borrow volumes into new ecosystems.”

Synonym is audited by OtterSec and Runtime Verification, and has partnered with Gauntlet for quantitative modeling and real-time danger monitoring engagement. In the long run, Synonym is concentrated on changing into the premier venue for cross-chain lending and borrowing amongst main L2 rollups, app-chains and revolutionary L3s.

To study extra about Synonym, customers can go to synonym.finance.

Customers can keep up-to-date with Synonym developments on Mirror, and be part of the dialog on Discord and X.

About Synonym Finance

Synonym is a really cross-chain cash market constructed on the Wormhole xChain know-how stack. By energy customers, for energy customers, Synonym allows true cross-chain collateralization and adaptability that present lending incumbents don’t provide. Synonym was born from a novel DAO merger with New Order DAO, giving Synonym a community, neighborhood and useful resource benefit from day one. Lengthy-term, Synonym is concentrated on changing into the premier venue for cross-chain lending and borrowing main L2 rollups, app-chains and L3s.

Web site: https://www.synonym.finance

Twitter: https://twitter.com/synonymfinance

Discord: http://discord.gg/synonymfinance

About Borderless

Borderless is a number one funding administration agency centered on Web3 know-how, devoted to supporting the subsequent era of innovators who’re driving the event of groundbreaking applied sciences that can allow the creation of worth with out borders. Borderless contains a group of builders, companions, and buyers who undertake a long-term perspective and try to unleash the total potential of open, community-driven networks. Since 2018, Borderless has made 200+ investments throughout infrastructure, enterprise purposes, and nascent cryptographic protocols, and has performed an integral position within the improvement of a few of the most vital and revolutionary Web3 communities.

Web site: https://borderlesscapital.io/

Twitter: https://twitter.com/borderless_cap

Contact

PR Director
Patrick Brendel
SCRIB3
patrick@scrib3.co
1-345-326-5064