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DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date. According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest. Today’s announcement of the Series A follows Compound’s $8.2 million seed round in 2018. …

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Sequoia-Backed Startup Enters DeFi Market With Bitcoin Binary Options

Another participant is entering the decentralized finance (DeFi) fray. The Sequoia-backed data management startup, Band Protocol, announced Monday the mainnet of its decentralized trading app. The dapp functions as a brokerage – without a centralized authority to confirm prices or collect fees – for ether-denominated binary options. Dubbed BitSwing, users can take long or short positions on bitcoin’s price within a one-minute time horizon. In time, additional cryptocurrencies and financial products will be added to …

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Ripple’s Xpring Looks to Build XRP DeFi Products With New Acquisition

Ripple has made its first move towards building decentralized finance (DeFi) products based on XRP. With its acquisition of decentralized payments platform Logos Network, Ripple’s investment arm, Xpring, will add nine New York-based engineers. Logos founder and CEO Michael Zochowski will become Xpring’s “Head of DeFi Products.” Xpring did not disclose the price of the deal. Before joining Xpring, Logos was working to build a payments network inspired by the bitcoin blockchain, with a focus …

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WATCH: Chainlink CEO Talks Data Oracles

Chainlink CEO Sergey Nazarov spoke at CoinDesk’s Invest: Asia 2019 conference in Singapore on current products and future developments for the Chainlink platform. A smart contract and API bridging service, Chainlink connects smart contract platforms–like decentralized finance products–to oracles containing real market data and event information. At Invest: Asia, Nazarov said the platform is building up applications for DeFi products, among other applications. “How do we make reference data work for the DeFi space? We …

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ConsenSys Announces Codefi Project to Boost DeFi Adoption

Ethereum co-founder Joseph Lubin is going all-in on decentralized finance (DeFi) applications. “Ethereum is a shared execution space and we should also be building things that synergize,” Lubin said during a press conference at Ethereal Tel Aviv on Sunday, Sept. 15. To that end, Lubin announced that his Brooklyn-based venture studio, ConsenSys, would enter the DeFi ecosystem with a new product suite, Codefi. While Lubin said he doesn’t personally own governance tokens for the ethereum-centric …

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Crypto Lender Dharma Pivots to Stablecoin Savings Accounts

“Dharma is the easiest place to save your money from anywhere in the world.” That’s the new mission statement for decentralized finance (DeFi) platform Dharma as described by Brendan Forster, co-founder and COO of Dharma Labs, which built the Dharma protocol. On Thursday, Dharma Labs announced it would be relaunching its services in closed beta beginning with a new savings product. “We let people save in stablecoins,” Forster told CoinDesk. “What the new product enables …

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