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- Zerion hopes to use the funds to expand its user base
- Zerion plans to expand its team from 18 to 25 before the end of this year
- Revamping its trading interface and portfolio tracking feature
The Ethereum based DeFi aggregator, Zerion, has obtained $8.2 million in a Series A funding round. The Zerion board has been joined by officials representing investors Mosaic Ventures and Placeholder as a part of the agreement.
Zerion, the non-custodial aggregation platform, was created in 2016 by three co-founders. It provides more than 60 Ethereum-based protocols, such as Aave, Yearn. Finance and Curve. Originally the company was created to manage ERC-20 tokens, and later it diversified into a one-stop shop for interacting with DeFi products.
DeFi tools to simplify the trading experience
The advantage Zerion provides is that Instead of visiting Compound, Uniswap, and other yield farms individually, investors can indirectly interrelate with these protocols through Zerion. Thus it has become one of the top DeFi tools that investors can manipulate to simplify the trading experience. The non-custodial aggregation platform has to date processed more than $600 million worth of volume with a median trade of $1,000.
Mosaic co-founder and venture partner at Placeholder join as board members.
The raise included Placeholder, Blockchain.com Ventures, and Digital Currency Group and was led by Mosaic Ventures. In addition, mosaic co-founder and partner Toby Coppel and venture partner at Placeholder Brad Burnham joined the Zerion board of directors, which was also a part of the deal. The company had brought forth the seed round in December 2019 and collected $2 million. The company has raised $10.2 million in total, including the $8.2M in Series A funding round.
Zerion hopes to expand its user base to seven figures
Zerion is now flush with funds and hopes to grow its user base from roughly 200,000 to above seven figures. Zerion also plans to expand its team from 18 to 25 before the end of this year. It will also be revamping its trading interface and portfolio tracking feature.
Zerion is on to the next stage, which is to enable compatibility with other popular blockchains and layer two, which are in trend among DeFi users during the third quarter. It also estimates that its clients open their apps a minimum of nine times daily.
The DeFi or the Decentralized Finance segment has seen a big increase in popularity over the past year. According to estimates, investors and addresses with DeFi protocols surged from 25,000 to nearly 3 million in 12 months.
Many DeFi tokens have tanked in values in recent times, but external factors are more to blame for the bearish phase such as most nations are tightening cryptocurrency rules and are trying to bring them under some regulation, China has started an all-out war against cryptocurrency, It has also completely stopped all forms of crypto mining and It has led to a steep fall in the hash rate of Bitcoin.
However, despite all these negative factors, most of the sector’s leading projects have still been gained by multiple factors since the start of the year. For example, in the last week, DeFi tokens have surged, with Aave (AAVE) up 25.4%, Synthetix (SNX) increasing 46.4%, Uniswap (UNI) up 16.6%, and Compound (COMP) up 29.2%.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
