Changing the Face of DeFi: Spherium Finance Raises $3.3 Million in Seed and Private Sale Rounds
The DeFi industry has massively disrupted traditional finance, offering a borderless, trustless solution to millions of unbanked individuals around the world. With over $85 billion locked in DeFi protocols, the power that decentralised finance wields has become too big to ignore and, with interest and investment from the world’s largest funds and institutions pouring in, the cryptocurrency market is alive like never before.
With the above said, there are still various barriers to adoption that are holding the DeFi space from reaching its full potential; high transaction fees, complex user journeys and a scattering of tools and protocols across multiple blockchains and platforms mean that users new to the world of decentralised finance can be put off before they even start. Spherium Finance proposes a solution to all of these issues with a one-stop platform that ties the best of DeFi together in one neat package, offering users a universal wallet, a token swap platform, access to money markets, and inter-blockchain liquidity transfers.
The project recently announced the successful closing of its private raise that, alongside a seed round, saw a total of $3.3 million raised from various well-known names in the blockchain investment space, including venture capital funds and popular cryptocurrency exchanges.
Oversubscribed Seed & Private Rounds
With an overwhelming interest in the seed round, fundraising for the Spherium Finance private round was cut short and targets were met quickly with support and investment from a variety of sources, including Gate.io Exchange, GBIC, Blockdream Fund, Rarestone Capital, SL2 Capital, AU21, LD Capital, NGC Ventures and several more reputable venture capital funds and angel investors. With this support, the Spherium team looks to play a central role in the future of decentralised finance, aiming to give anyone, anywhere access to secure, trustless and low-risk investment options that can essentially make them their own “wealth manager”.
The Spherium Finance platform comprises several powerful tools and features that make it a go-to location for both seasoned DeFi investors and those new to decentralised finance; HyperSwap is an innovative protocol that enables cross-chain swaps whilst mitigating the risk of impermanent loss via the application of “Virtual Balances”; SphereComp gives users access to decentralised money markets that enable lending or borrowing of digital assets with interest rates that are determined by the law of supply and demand, and the Spherium Wallet gives users a secure and non-custodial place to store their assets with additional connectivity to a wide array of DeFi platforms, thanks to the WalletConnect protocol.
The project looks to create a comprehensive ecosystem for the global unbanked during a time when DeFi tools and platforms are still scattered across the landscape, making the space difficult for newcomers and resource-intensive to take advantage of the many benefits the industry has to offer. With a highly experienced and diverse team of professionals with backgrounds in areas such as fintech, law, KYC/AML and smart contract development, Spherium Finance looks to push the envelope for what is possible in the DeFi industry in the coming months.
Alex Berstein, CEO of Spherium, said, “Fintech means agility, cost-efficiency, and quick innovation. The current DeFi landscape is booming with innovation, but there are visible gaps. At Spherium, we bridge these gaps by taking a grounds-up development approach.” He continued, “Our solutions address critical challenges, including the high cost of DeFi transactions, network congestion, and at the same time, we build an ecosystem that rewards every network participant.”
With an upcoming IDO to be announced in the coming days, the Spherium Finance platform will welcome a new wave of DeFi participants and will work toward changing the face of finance during an age of economic instability and rapidly evolving technology.