CoinStats, a cryptocurrency research and portfolio tracker, just raised $3.2 million in a round led by Alex Pack’s Hack VC. A variety of other funds, including Mike Dudas’ 6th Man Ventures, were also present.
The funds will be used to develop new features that will allow DeFi to reach millions of people.
CoinStats’ DeFi Plans
CoinStats intends to enable its users to participate in decentralised finance (DeFi) protocols and directly allocate cash to earn yield through the app. According to the press release, this action will establish CoinStats as a DeFi aggregator and aid in the mainstreaming of DeFi. Even as it continues to collect billions from high-net-worth individuals, the industry remains relatively limited in terms of user numbers.
According to reports, the portfolio manager’s user base grew by eight times in 2021, reaching 1.2 million monthly active users. During the same time span, it tracked assets totaling $500 billion. As a result, CoinStats’ revenue in 2021 increased by six times. With new funding, the platform hopes to deliver integrated DeFi services to its consumers.
CoinStats announced a year ago that it had secured $1.2 million in a pre-seed round. Among the investors that attended the event were Imperii Capital, Stefan Cohen, and Jonathan Weiner.
The platform previously stated that it would focus on improving existing goods and services as well as developing new capabilities to give its users better access to managing digital assets.
Let’s see how CoinStats achieves its DeFi ambitions with this funding. Wrap!
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