Defi chess-themed Tranchess protocols received a $1.5 million seed round of financing led by Three Arrows Capital and Spartan Group.
According to the official press release, investors in this seed round include Binance Labs, Longhash Ventures, IMO Ventures, etc.
The financing will be used for the multi-chain development of the Tranchess protocol. Meanwhile, it will commit to launching the second phase of development in Q4 of 2021 to sustain the growth of its decentralized autonomous organization (DAO).
This is the first product to track Bitcoin price trends and plan to launch other products in Q4 of 2021, in connection with the linkage to other cryptocurrencies’ trends. Tranchess will launch multiple cryptocurrency portfolio products in the future for their clients in response to market changes and evaluate their risks to adjust their corresponding investment portfolio.
The Co-founder of Three Arrows Capital, Su Zhu, Said:
“We believe the yields offered to both bitcoin and stablecoin-denominated investors via this unique way of matching will find tremendous product-market fit.”
Tranche is a decentralized protocol based on Binance’s smart chain for managing risks and maximizing returns. The agreement is integrated with any interest-bearing tokens (such as Compound’s cTokens and AAVE’s aTokens) to create two new interest-bearing tools: fixed interest rates, Tranche A, and the other variable interest rates name Tranche B.
The Tranche protocol is managed and governed by the Tranche DAO. The DAO has two main components-the Treasury and Governance Modules.
Image source: Shutterstock
Credit: Source link
