India-based DeFi startup Instadapp reported on Friday the completion of a funding round in $10 million. It was led by Standard Crypto, including Andre Cronje, the founder of crypto investing platform Yearn.Finance. The startup plans to use funds to further developing of a “middleware” layer for the DeFi ecosystem.
Instadapp plays an important role in decentralized finance (DeFi). It links different projects by creating a so-called “middleware” layer that allows developers to create applications compatible between crypto payment gateways and DeFi protocols.
This is not the company’s first move into fundraising. The team already raised over $2.4 million from leading crypto investors in 2019, such as Coinbase Ventures, Pantera Capital, etc.
Despite the crypto market’s recent drop, Instadapp’s funding round is one of many investments into DeFi startups in the last months.
As said in the email announcement, the startup plans to use the funding to continue developing its middleware layer.