Tuesday, 15 February 2022 08:10 AM
Company Update
SAN FRANCISCO, CA / ACCESSWIRE / February 15, 2022 / Overnight, the protocol behind yield-generating stablecoin USD+, closed a $850 thousand pre-seed raise in December 2021, led by Hack VC, with participation from FJ Labs, as well as Sandeep Naiwal, co-founder of Polygon, Brian Tubergen, co-founder of Coinlist, Ryan Selkis, Founder & CEO, Messari and Paul Holland.
Overnight is building USD+, a stablecoin pegged to USDC, that is non-algorithmic, decentralized and capital efficient. Anyone can mint and redeem 1 USD+ for 1 USDC instantly. USD+ is always at least 100% collateralized by a highly conservative portfolio of yield generating DeFi assets, consisting of secured lending and stable-to-stable liquidity mining strategies focused on maximum liquidity and avoiding losses even on 1 day horizon. Profits are paid out to USD+ holders on a daily basis.
The mechanics of USD+ is similar to that of traditional money market funds and is likely to benefit from the upcoming stablecoin regulation. USD+ is currently on Polygon and aims to expand multichain. Due to its highly conservative nature, Polygon has chosen USD+ as a basis for its DeFi risk-free yield benchmark.
Maxim Ermilov is the founder of Overnight. This is his second business after Mach49 Vostok, the Eastern European franchise of Mach49 which was sold to Next15 in August 2020. Prior to founding Mach49 in Moscow, Maxim had spent 17 years at BCG, most recently as Partner and Managing Director for the Financial Institutions sector.
"We are humbled and honored to have very prominent investors involved in our latest fundraising round," said Maxim Ermilov, the founder of Overnight. "Hack VC, led by Alex Pack, has backed some of the most innovative and prominent DeFI projects, backed them early and contributed majorly to its success. We are grateful to FJ Labs and our angel investors for choosing to back Overnight on its journey to build USD+".
"Overnight team are building a financial primitive that should have very broad applications from treasury management to liquidity mining" said Alex Pack, Managing Partner at Hack VC. "We welcome Overnight's conservative approach to risk, the design that is built to be both decentralized and compliant with future regulation and are excited to support their efforts'.
"Overnight have struck us with the depth of understanding DeFi's unique opportunities and problems as well as the ability to articulate its vision in a very compelling story," said Fabrice Grinda of FJ Labs. "Stablecoin economics can be very strong provided network effects can be realized and we look to support Overnight with our expertise in these matters"
"Overnight and its stablecoin USD+ showcase how Polygon's technology enables truly innovative products that take DeFI to the new level." said Sandeep Naiwal, co-founder of Polygon POS chain."USD+ is a stablecoin focused on minimizing risk while producing solid yield, it is ideal to onboard fiat investors into DeFI, as a treasury asset for crypto projects and a means to improve capital efficiency of sophisticated liquidity mining strategies"
"Overnight are working on an opportunity that already exceeds 100 Bln USD and can soon exceed 1 Trl USD," said Paul Holland "USD+ is a unique product both from fin and tech perspectives, with a team that had proven itself many times over in the past"
"USD+ is a product that is intuitively understood by a wide audience, including advanced DeFi investors and people new to crypto", said Brian Tubergen, co-founder of Coinlist, "Its focus on low risk and high liquidity subsegment of DeFi should help bring mainstream conservative investors into DeFi"
About Overnight
Overnight (‘OVN') is developing yield generating stablecoin "USD+". Each USD+ is fully backed by low-risk, highly liquid, yield-generating DeFi assets and can be instantly redeemed for 1 USDC on request. USD+ grows in value daily, no staking required. USD+ is your ‘go-to' stablecoin, the stablecoin you go to when you are not invested nor yield-farming. One buys and holds USD+ in order to receive yield on its temporarily available [stablecoin] cash without exposing to risk nor sacrificing liquidity.
Media Contact:
Elliot Ledley
[email protected]
SOURCE: Overnight