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Binance Labs leads $1.6M seed round in DeFi startup MOUND, the developer of Pancake Bunny
Decentralized finance startup MOUND, known for its yield farming aggregator Pancake Bunny, has raised $1.6 million in seed funding led by Binance Labs. Other participants included IDEO CoLab, SparkLabs Korea and Handshake co-founder Andrew Lee.
Built on Binance Smart Chain, a blockchain for developing high-performance DeFi apps, MOUND says Pancake Bunny now has more than 30,000 daily average users, and has accumulated more than $2.1 billion in total value locked (TVL) since its launch in December 2020.
The new funding will be used to expand Pancake Bunny and develop new products. MOUND recently launched Smart Vaults and plans to unveil Cross-Chain Collateralization in about a month, bringing the startup closer to its goal of covering a wide range of DeFi use cases, including farming, lending and swapping.
Smart Vaults are for farming single asset yields on leveraged lending products. It also automatically checks if the cost of leveraging may be more than anticipated returns and can actively lend assets for MOUND’s cross-chain farming.
Cross-Chain Collateralization is cross-chain yield farming that lets users keep original assets on their native blockchain instead of relying on a bridge token. The user’s original assets serve as collateral when the Bunny protocol borrows assets on the Binance Smart Chain for yield farming. This allows users to keep assets on native blockchains while giving them liquidity to generate returns on the Binance Smart Chain.
In a statement, Wei Zhou, Binance chief financial officer, and head of Binance Labs and M&A’s, said “Pancake Bunny’s growth and MOUND’s commitment to execution are impressive. Team MOUND’s expertise in live product design and service was a key factor in our decision to invest. We look forward to expanding the horizons of Defi together with MOUND.”
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Malta paves the way for a decentralized stock exchange
Malta AKA “Blockchain Island” has been making waves lately in the world of cryptocurrency and governance. Their latest move involves the crypto exchange Binance and the ICO builders at Neufund.
The plan is simple: Neufund will help MSX, the Malta Stock Exchange’s skunkworks, create tokenized securities. Binance has agreed to carry these securities on its own exchange, essentially creating a straight path to regulated tokens via the already regulated Malta Stock Exchange. In short, this enables Malta to become the first country to be able to offer tokens alongside traditional equities as well as an easy way to go public in multiple ways including via ICO.
The plan is still in the pilot stage. This year they will begin “the public offering of tokenized equity on Neufund’s primary market which may later be tradable on Binance and other crypto exchanges pending regulatory and listing approvals” said Neufund CEO Zoe Adamovicz.
“We are thrilled to announce the partnerships with Malta Stock Exchange and Binance, that will ensure high liquidity to equity tokens issued on Neufund. It is the first time in history, that security tokens can be offered and traded in a legally binding way. The upcoming pilot project will allow us to test the market’s reaction and realize the overall project idea in an environment with minimized risk.” said Adamovicz.
“We are delighted to welcome Neufund as our key partner in building a Blockchain-based exchange that is fully integrated with established financial markets. With the upcoming pilot project we become a worldwide pioneer in digital finance,” said Joseph Portelli, chairman of the Malta Stock Exchange.
This move is interesting in that it offers a parallel track to companies wishing to go public via token sales. While even the terminology isn’t completely hashed out in regards to the future of these systems, having a spot like Malta lead in the matter of token sales selling alongside equities is a solid decision. Malta is increasingly becoming the testbed for these sorts of experiments and, even if this is not yet a real project, it could create a turnkey solution for ICO launches on the island.
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