English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 12 May 2021, 03:00 HKT/SGT
Share:
    

Source: Duet Protocol
Duet Protocol closes first-round funding at US$3 million

SINGAPORE, May 12, 2021 - (ACN Newswire) - On 9th May 2021, Duet Protocol announced the closure of US$3 million in the first round of investment.


Duet identifies itself as the world's first multi-chain synthetic asset protocol with a hybrid mechanism of over-collateralization and algorithm stabilization.

The first-round investment was led by OmniLAB, DraperDragon, Everest Ventures Group, One Block Capital, Moonwhale Ventures, Dutch Crypto Investors, LD Capital, Zonff Partners, Cabin VC, ArkStream Capital, individual investors include cofounder of BIT Digital Inc (NASDAQ: BTBT) and the partners of A&T Capital.

OmniLAB is the investment fund that backed the world's first stablecoin (on OmniLayer) circulation specification for Lightning Network. DraperDragon Innovation Fund is a core member of Draper Venture Network and mainly focuses on investing in US-China cross-border startups.

The second round of investment and regional partners around the globe will be announced by Duet in the coming days.

Synthetic assets paradigm path selection

The Crypto market is a high-speed self-evolving dynamic ecosystem in which DeFi is pioneering massive adoption and mechanism innovation. "Duet is bridging the gap between real-world assets and crypto markets and we are convinced that synthetic assets are the optimal approach to connect these two worlds," J.Bach, one of the core founding members of Duet protocol quoted.

Duet synthetic assets are targeting the stock market. Compared with the current alternatives, Duet claims to deliver a unique design to optimize minting and trading.

1. Openness and user-friendly: Compared to Binance or FTX CM equity methods, on-chain synthetic assets minting on Duet are easier and friendly for investors, having no entry barriers, procedures cost, or single spot risk.

2. Multiple collateral positions: Synthetix and Linear protocols adopt the single asset deposit with sharing debt method. Whereas, Duet chooses multiple collaterals with separated CDPs, which reduce minters' risk and raises scalability.

3. Assets diversity and compatibility: Compared with MakerDAO's DAI and Mirror's UST, Duet accepts various types of synthetic assets and embraces wider ecosystems, and supports Ethereum, BSC, and other EVM compatible blockchains.

4. Compatibility: Duet provides transferable dAssets which could be leveraged in other DeFi protocols, compared with a perpetual-ish protocol which only supports long or short positions.

Establishing a financial world governed by DAO

The vision of Duet Protocol is to build an on-chain parallel space, with global partners and contributors, governed by DAO that enables the on-off ramp of Flat Assets (Traditional Assets) and Sharp Assets (Crypto Assets).

According to J.Bach, "Duet's innovative dual synthesis model can greatly improve the capital efficiency of user's funds. With Duet, the global investors would be able to create and allocate capital to any assets with only one digital wallet in a frictionless and user-friendly manner".

Get the latest from Duet on Twitter @duetprotocol

Media Contact:
Nitesh, Duet Protocol
E : contact@duet.finance
W: https://duet.finance
T : https://twitter.com/duetprotocol

Topic: Press release summary
Source: Duet Protocol

Sectors: Crypto, Exchange
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Pie Systems Japan Signs a Strategic Partnership Agreement with JAPAN POST BANK  
Tuesday, November 29, 2022 2:00:00 PM
SEA Solar & Energy Storage Market is Ready to Take Off  
Nov 29, 2022 13:50 HKT/SGT
Hexagon, Fujitsu support Stuttgart's urban digital twin project  
Tuesday, November 29, 2022 11:35:00 AM
Professional stealers: opportunistic scammers targeting users of Steam, Roblox, and Amazon in 111 countries  
Nov 29, 2022 11:18 HKT/SGT
JCB identifies India as a key growth market for European merchants and acquirers to further propel digital payments and online spending  
Tuesday, November 29, 2022 11:00:00 AM
Team Mitsubishi Ralliart's Triton Finishes in First Place Overall at Its First Attempt in the Asia Cross Country Rally 2022  
Tuesday, November 29, 2022 8:03:00 AM
Yalla Group Q3 Earnings: Quarterly revenue passes US$ 80 million as steady growth continues  
Nov 28, 2022 22:00 HKT/SGT
Queensland Gold Hills Announces Acquisition of Mia Lithium Project in Quebec Hosting 8km Spodumene-Pegmatite Trend and Concurrent Private Placement Financing  
Nov 28, 2022 21:00 HKT/SGT
GMEX Group Wins Best Development in FinTech of the Year  
Nov 28, 2022 18:52 HKT/SGT
Kitchen Culture Says 5 Directors Will Remain on its Board as Purported EGM Held Last Friday Is Invalid; Asks Requisitioners to Put Matters Before Singapore Court  
Nov 28, 2022 17:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575