Siphon Lab, a cryptocurrency DeFi startup, recently completed a successful $1.2 million seed round of funding in advance of its beta launch. Waveline Capital, BT Growth Capital, Uno Ventures, Quidnet Ventures, Mava Ventures, and other well-known angel investors in the web3 and web2 industries also contributed to the fundraising, which Kima Ventures led. To address the rising demand for its services, Siphon will use the round seed capital to scale its operations, grow its personnel, and accelerate its development.
Jeffrey Cato, co-founder and CEO of Siphon Lab, said: “We are excited to have the support of Kima Ventures and other highly reputable investment firms. Their experience and resources will be valuable as we continue to grow and scale our business to provide financial technology solutions to bring more users to SUI Network. Our team has the skills, experience, and network to create one of the top solutions in the market.”
Regarding Siphon Lab
The Siphon Universe is being constructed on the Sui network by Siphon Lab. The Siphon ecosystem, which comprises Tradeify, Liquidify, and numerous other cutting-edge products that will soon be released, is a part of the Siphon Universe.
While Liquidify, the top liquid staking protocol built on top of the SUI blockchain, aims to maximize the capital efficiency of SUI across the ecosystem, Tradeify is a decentralized derivative trading protocol that offers zero price impact trading, up to 100x leverage, self-custody, aggregated liquidity, and an optimized on-chain trading experience. On top of the SUI blockchain, Liquidify is the industry’s leading liquid staking protocol to maximise SUI’s capital efficiency throughout the ecosystem.
