London-based Euler is a DeFi lending protocol with reactive interest rates to address the long-tail of the crypto market. Recently, the company has raised $8 million (nearly £5.8 million) in a Series A funding round.
The investment round was led by Paradigm along with participation of its lead seed round investor, Lemniscap, and several world-class angel investors including Anthony Sassano, Ryan Sean Adams, David Hoffman, Kain Warwick, Hasu, Danilo Carlucci, Supriyo Roy, and Xin Wang.
Paradigm will bring valuable experience, guidance and resources to help push Euler to the next level. Euler intends to use the funds to grow its development team as it anticipates the protocol’s launch later this year. Also, the fund will help integrate the protocol into the wider DeFi ecosystem.
Euler to launch soon
Founded by Michael Bentley, Jack Prior and Doug Hoyte, Euler provides a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party.
Euler features a number of innovations, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans and much more.
Backed by seed investors including LAUNCHub Ventures, CMT Digital, Divergence Ventures, Manu Andorra, Cluster Capital, Luke Youngblood, Ric Burton, and Josh Buckley, Euler is all set to launch its platform soon. Also, its native governance token EUL will begin being distributed to lenders and borrowers on the protocol from day 1 of launch.