Decentralized finance protocol Impossible Finance (IF) has raised over $7 million via a seed funding round with the participation of over 125 institutional and angel investors to redefine “launching” with the Impossible Decentralized Incubator Access (IDIA) token. The participants include several high-profile firms.
The seed round was launched on Binance Smart Chain (BSC) last month. It was led by notable investors, including True Ventures, CMS Holdings, Alameda Research, and Hashed.
Source: Impossible Finance
Among the other over 125 investors were Primitive, Sino Global Capital, Incuba Alpha, BR Capital, IOSG, The LAO, Divergence, GBV, mgnr.io, Capital, Longhash, Coin98, Ternary Capital, Maple Leaf Bitscale, and others.
Impossible Finance, which is building a multi-chain ecosystem for promoting the growth of DeFi liquidity and composability, also plans to support other EVM chains, like Ethereum and Polygon, with more deployments scheduled on future L2 solutions and other platforms.
Impossible said that it will also provide an AMM liquidity protocol that acts as the backbone of the ecosystem that features a fully decentralized incubator and launchpad for new projects in Defi.
Via the incubator, IF will provide support and assistance for prospective crypto builders. The project has been launched by DeFi veterans and avid hackathon participants, including Calvin Chu, formerly of Binance Research. Also, incubated projects will be able to take advantage of Impossible’s liquidity and cross-chain support to ensure a successful launch on the market.
"Creating a YCombinator-esque platform for teams building in decentralized finance will help take the ideas of developers and materialize them into working products. We see them(IF) as an obvious leader in this space and think they will ultimately turn the potential of DeFi applications into reality," said CMS Holdings
Individual angel investors include Sandeep Naiwal (Matic), Bette Chen & Ruitao Su (Acala), Kain Warwick & Jordan Momtazi (Synthetix), Calvin Liu (Compound), Bobby Ong & TM Lee (Coingecko), Leo Cheng (C.R.E.A.M.), Larry Cermak (The Block), Suji Yan (Mask), and others.
For more details, you can visit the official blog here.
