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DeFi Startup Umee Brings in $32M Through CoinList Token Sale

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Decentralized finance (DeFi) startup Umee has raised an additional $32 million through a CoinList sale of its UMEE tokens. 

Umee is a protocol focused on building interoperable tools for DeFi users, and it is currently building out a “cross chain DeFi hub” to provide users with a set of interoperable tools that operate across different chains and venues. 

Initially, the hub will host Umee’s tools before opening up to developers building on the initial offerings. According to the company, it is built around creating tools for cross-chain interest rates, interchain leverage, and multi-chain staking. 

According to recent reports, over 922,000 CoinList accounts registered for options 1 and 2 of the UMME token sale, making it the highest number ever for a token sale on the platform. By the end of it, there were around 63,000 accounts that contributed. 

Umee has said that the funds will go towards expanding the development and engineering teams. They are set to launch the beta web app for the platform “in the coming days,” and the mainnet is said to go live by mid-February. 

CEO Brent Xu also said that the newly raised funds will help expand its legal compliance resources, expand its infrastructure, and grow and develop its global community through marketing. 

Increasing Interoperability

Umee will build teams of 6-8 engineers for every blockchain network it connects to, which will help increase interoperability of the cross-chain hub. These teams will include systems engineers, cryptography engineers, and product managers. By the end of next year, the company is looking to have five to eight networks connected. 

The ecosystem will be expanded to support multiple blockchain bridging infrastructures, which will enable the connection between different networks. The company will also set up network testing infrastructure for its cross-chain bridges and lending and borrowing functionalities. 

Back in June, the startup raised $6.3 million to begin it’s journey as becoming a “cross chain DeFi hub.” The new $32 million will go a long way in achieving that goal.

Alex McFarland is a Brazil-based writer who covers the latest developments in artificial intelligence & blockchain. He has worked with top AI companies and publications across the globe.