Binance Smart Chain (BSC) ecosystem DeFi project Impossible Finance has raised $7m in seed funding.
Thank you for supporting https://t.co/Mx4leI83xg! @trueventures @cmsholdings @AlamedaResearch @hashed_official https://t.co/XKeMXLbzZl
— Impossible Finance (@impossiblefi) June 3, 2021
True Ventures, CMS Holdings, Alameda Research and Hashed provided funding. Other investors include Sino Global Capital, IOSG, Divergence, GBV, Coin98, Lemniscap, Primitive and Incuba.
Impossible Finance will use the proceeds to expand its product line and create a multichain ecosystem to "facilitate the growth and compatibility of the DeFi sector". In particular, it is expected to add support for Ethereum and Polygon.
The team will launch an AMM-based liquidity protocol that will act as an incubator for other DeFi projects. In this respect, it could become a decentralised counterpart to the Y Combinator venture capital fund.
In June, the community-driven decentralized exchange EmiSwap raised $104 million.
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