LONDON, UK / ACCESSWIRE / December 16, 2021 / Hubble Protocol, a decentralized finance (DeFi) and stablecoin project referred to as a supercharged "MakerDAO of Solana," has announced $3.6 million raised in a pre-IDO seed round of fundraising.
This initial round will support the continued development of Hubble's zero-interest DeFi borrowing platform and the minting of Hubble's Solana-native stablecoin, $USDH.This funding round will enable Hubble to build momentum towards the IDO launch of $HBB set for mid-January.
Hubble's seed round has been supported by some of the biggest names in crypto including Delphi Digital, Jump Capital, CMS, Spartan, Mechanism Capital, Three Arrows / DeFiance Capital, DeFi Alliance, Decentral Park Capital, and Digital Strategies.
According to Qiao Wang, a Partner at DeFi Alliance, Hubble Protocol is backed by some really special talent. Wang said, "Marius and Thomas are two of the most special founders we have supported. Most first-time founders tend to be focused on product, some on distribution, but Marius and Thomas care the most about team building.
Wang continued by saying, "Marius and Thomas also understand that the most challenging part of building a stablecoin is not the algorithm itself, but integrations and utility, and they know that the only way to achieve that is nonstop grinding. All in all, they are long-term thinkers. They are special."
Adding to this praise, Yan Liberman, the Co-Founder of Delphi Digital said, "We are very excited to be investors in Hubble. Delphi continues to be a supporter of the DeFi ecosystem and its potential for impact across every vertical within finance. One of the many exciting ecosystems for DeFi innovation is Solana, and accordingly the developer activity there has boomed over the last year. The team behind Hubble is world class and we are thrilled to work alongside them to build DeFi primitives, from borrowing to structured products and beyond."
DeFiance Capital stated that, "We are very excited to back Hubble as they build what we think will be one of the more important Solana stablecoins to come. Hubble's unique borrowing and minting engine in itself is an exciting innovation and we are thrilled to be part of the journey."
About Hubble Protocol
Hubble Protocol plans three initial phases of development as the project works to expand the number of DeFi 2.0 services on Solana. Hubble's first phase centers on zero-interest multi-asset borrowing and the minting of USDH, a Solana-native 100% decentralized crypto-backed stablecoin. Phase 2 focuses on structured products; with Phase 3 on undercollateralized lending.
Project team leader Marius Ciubotariu has extensive experience programming FinTech products with Bloomberg LP's London office for eight years. Hubble Protocol will follow a roadmap dedicated to becoming a decentralized autonomous organization (DAO) as the protocol leaves no stone unturned to explore the future of DeFi on the world's fastest blockchain, Solana.