Hyderabad-based DeFi startup InstaDApp has raised $2.4 million in its latest seed round which comprises of strategic investors such as Pantera Capital, Naval Ravikant, Balaji Srinivasan and Coinbase Ventures, among others. InstaDApp is a DeFi portal that aggregates the major protocols using a smart wallet layer and bridge contracts, making it easy for users to make the best decisions about assets and execute previously complex transactions seamlessly.
In its announcement, InstaDApp stated that other Dapps are just interfaces for DeFi protocols but the startup has differentiated its portal by creating a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions, including lend/borrow, leverage and switch debt positions.
Balaji Srinivasan, former CTO of Coinbase stated, “InstaDApp is a very talented team out of India looking to make decentralised finance more accessible.”
In addition, Paul Veradittakit from Pantera Capital said, “We are impressed by InstaDApp’s laser focus on aggregating and simplifying DeFi and their growth has been a testament to their ability to execute successfully. InstaDApp stands out from everything else we have seen in the space so far. We believe they’re the right team to push the future of DeFi forward and help the next wave of users to onboard to the open financial ecosystem.”
InstaDApp currently provides interfaces for Compound, Uniswap and MakerDAO. The company claims that it is the third-largest DeFi app with over $35 million worth of value locked up in its smart contracts. It is good to see an Indian startup stepping up in the global blockchain ecosystem.