Impossible Finance has recently made an announcement that has taken the entire cryptocurrency and decentralized finance (DeFi) industry by a surprise. The decentralized finance (DeFi) protocol has announced that it has carried out a successful seed funding round.
As a result of the seed funding round, Impossible Finance has managed to generate $7 million. Impossible Finance has revealed that it is now more determined after the success of the seed funding round.
The most exciting thing about the seed funding round is not the funds it managed to generate but the contribution level it has witnessed. The platform has revealed that more than 125 angel investors and institutional investors took part in the seed funding round.
Impossible Finance exists as decentralized finance (DeFi) protocol that has been designed, built, and launched through Binance Smart Chain (BSC). The decentralized finance (DeFi) has revealed that the funds it has raised from the funding round would go towards the development and expansion of its services.
As of now, Impossible Finance is focused on the development and growth of its decentralized finance (DeFi) incubator on the multi-chain network.
Impossible Finance has also revealed the names of the venture capital firms and other investors who made the funding round a success. The decentralized finance (DeFi) protocol has revealed that the funding round was led by Alameda Research, a quantitative investment firm, and True Ventures.
Additionally, two more firms led the funding round named CMS Holdings, an investment firm, and Hashed, a blockchain development firm.
It has not been long since Impossible Finance has been launched. The decentralized finance (DeFi) platform had been launched in early April and offers investors several services.
Some of the major services it offers on the decentralized finance platform to investors include staking rewards, liquidity pools, and token swaps. After a brief amount of time being launched, Impossible Finance has gone ahead launching its own token. Impossible Finance has kept the new token simple as it has also named it as Impossible Finance (IF) token.
Impossible Finance has also revealed where it intends to invest and apply the funding it has generated through the funding round. The company has long sought to introduce an ecosystem that would be considered the most profitable and essential for investors.
The firm has announced that with funds raised through the funding round, it will focus more on its multi-chain ecosystem. The firm will find new ways of advancing more into the decentralized finance (DeFi) system and introduce more products to the investors.
Although Impossible Finance is operating on the Binance Smart Chain (BSC), yet it intends to expand its services to Polygon and Ethereum blockchain networks.