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Pantera is co-leader of the 20 million investment in Ondo Finance

 


Ondo Finance, a crypto startup looking to build a decentralized investment bank and offer bespoke financial products to both institutional and retail investors, has raised $20 million in its Series A funding round.


The funding was co-led by Founders Fund, a venture capital firm founded by Peter Thiel and Pantera Capital, a blockchain-focused institutional asset manager. Coinbase Ventures, GoldenTree, Tiger Global, Wintermute, Flow Traders and Steel Perlot joined the round as strategic investors, Ondo Finance noted in a press release .


In August 2021 , Ondo announced a $4 million seed round led by Pantera Capital.


Ondo Finance is eyeing more DeFi products

The startup will use the funds to build its team as part of broader plans to accelerate the adoption of decentralized finance (DeFi) in the mainstream investment sector.


The company also plans to launch new products and expand its range of existing product offerings, including decentralized structured products and liquidity-as-a-service offerings.


Vaults, which are bundles of DeFi products tempered with different levels of risk that investors can use to hedge against downside risks, have become very popular. Ondo wants to offer more products and access.


" We're excited by the demand for Ondo's community custody account and liquidity-as-a-service offerings, which was truly a simple MVP with no liquidity drain or other inducements from us ," said Nathan Allman, the startup's founder and CEO.


He added that the team is eyeing new products that will make it even easier for passive investors looking to invest in DeFi returns.


According to Allman, the new products will come with customized risk levels and will include depositories for algorithmic stablecoins and blockchains.

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