Nolus Raises 2.5 mn To Build Defi Lease
Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets.
Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, contributed to the recently completed $20 million valuation seed funding, which will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem. Members of the Advisory Board Zaki Manian, Strangelove, and Shane Molidor will help Nolus establish a cross-chain presence.
The Nolus DeFi Lease offers up to 150% financing on the initial investment, as well as access to the underlying leveraged assets via whitelisted yield-bearing strategies. The Nolus protocol, with the addition of liquid staking derivatives, will create a cornerstone use case for LSDs in the Cosmos ecosystem in the form of self-repaying loans.
(With inputs from Shikha Singh)
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