Defi, a financial system between counterparts using blockchain technology, is among the fastest growing sectors of the crypto industry. It includes prediction markets like Polymarket, NFTS as Trump's digital trading cards, and Stablecoins, a type of crypto designed to vary in accordance with Fiat currency such as US dollar.
August, a crypto -oriented primary brokerage firm, is trying to make it easier for investors to access all types of DEFI, short for decentralized funding, through a single platform. The company has raised $ 10 million in series A led by DragonFly Ventures. Other investors in the round include SCB Limited, 6th Man Ventures, and Foresight Ventures. August valuation was not revealed in the funding round.
August works with large financial institutions, such as hedge funds and family offices looking for products and earnings on their crypto investments, by borrowing, borrowing and trading. Aya Kantorovich, CEO of August Fort May the company aim to be the first place for institutional investors to go.
While August works with 70 Defi Protocols – Rule Sets and Smart Contracts that help traders carry out transactions without a central entity as a bank – and 13 block blocks, Kantorovich wants to eliminate the confusion that comes when deciding which to use. “When you think of organizations, you want to get rid of this idea of chains and protocols away. You just want to have one place, ”he said.
August seeks to connect clients to DEFI networks that lend crypto and offer derivative and symbolic trading, including Aave, Morpho, and Uniswap. It also aims to help clients monitor all their jobs from one dashboard.
That makes Kantorovich company a middle man of all kinds. However, he says that because August has access to client jobs that the company can let clients pay for their loans, their derivative jobs, and trade all at once instead of putting money down for each individual job.
August produces most of its revenue through trading spreads – money made from the difference between the price on which a ticket is bought and the price in which it is sold – and also charges its clients' trading fees on each transaction. Kantorovich refused to disclose the company's annual revenue.
August is not the only primary brokerage that focuses on crypto. Cinbase It has a partition that provides specifically for large institutional clients called Coinbase Prime. Falconx is another well -known brokerage in space.
August will use the latest fundraising money to build its marketing strategy, hire more employees, and continue to develop new technology. The company rose before $ 6 million in a seed round in 2023.
This story was originally included Fortune.com