Place/Date: - May 14th, 2021 at 7:31 pm UTC · 3 min read
Source: Duet Protocol
On 9th May 2021, Duet Protocol announced the closure of US$3 million in the first round of investment.
Duet identifies itself as the world’s first multi-chain synthetic asset protocol with a hybrid mechanism of over-collateralization and algorithm stabilization.
The first-round investment was led by OmniLAB, DraperDragon, BIT Digital Inc (NASDAQ: BTBT), Everest Ventures Group, One Block Capital, Moonwhale Ventures, Dutch Crypto Investors, LD Capital, Zonff Partners, Cabin VC, ArkStream Capital, individual investors include the partners of A&T Capital.
OmniLAB is the investment fund that backed the world’s first stablecoin (on OmniLayer) circulation specification for Lightning Network.DraperDragon Innovation Fund is a core member of Draper Venture Network and mainly focuses on investing in US-China cross-border startups.
The second round of investment and regional partners around the globe will be announced by Duet in the coming days.
The Crypto market is a high-speed self-evolving dynamic ecosystem in which DeFi is pioneering massive adoption and mechanism innovation.
J.Bach, one of the core founding members of Duet protocol quoted,
“Duet is bridging the gap between real-world assets and crypto markets and we are convinced that synthetic assets are the optimal approach to connect these two worlds.”
Duet synthetic assets are targeting the stock market. Compared with the current alternatives, Duet claims to deliver a unique design to optimize minting and trading.
The vision of Duet Protocol is to build an on-chain parallel space, with global partners and contributors, governed by DAO that enables the on-off ramp of Flat Assets(Traditional Assets) and Sharp Assets(Crypto Assets).
According to J.Bach,
“Duet’s innovative dual synthesis model can greatly improve the capital efficiency of user’s funds. With Duet, the global investors would be able to create and allocate capital to any assets with only one digital wallet in a frictionless and user-friendly manner”.
You can get the latest updates on Duet on their Twitter.