Concordia, a multi-chain risk and collateral management protocol for digital assets, has raised $4 million in a seed funding round co-led by Tribe Capital and Kraken Ventures, with Cypher Capital and Saison Capital among the other participants. The protocol’s public testnet launch on Aptos earlier this month was followed by the fundraise, and the mainnet launch is expected to follow within the next several months.
Since the so-called “DeFi Summer” of 2020, decentralized finance has become increasingly fragmented, making it difficult for users to transfer assets or access liquidity between blockchains. Concordia is aiming to make it easier for users to access and manage cross-chain liquidity and collateral, as well as to manage the collateral used for margin trading. The protocol offers users a single account to transfer assets from multiple blockchains without the need for wrapped tokens or bridges. The underlying API architecture is modular, allowing developers to build using Concordia’s shared pools of liquidity.
We’re on a path to integrate across DeFi and TradFi, said Thomas Ruble, chief technology officer of Concordia. To move real assets at the speed of frictionless blockchains is the goal everyone wants. Just as Main Street and Wall Street both enjoy the same World Wide Web, they have an equal interest in one global financial fabric.