Pantera,Arrington Back $5.8M Round for Unbound’s Cross-Chain DeFi Stablecoin

[AGM]

Unbound Finance has raised $5.8 million from Pantera Capital, Arrington XRP (-1.57%) Capital and others to build out the Unbound Dollar (UND), what it says is a novel stablecoin that can live on multiple blockchains.

UND is derived from liquidity pool tokens (LPTs), which investors receive in exchange for providing liquidity on automated market makers (AMMs) like Uniswap and PancakeSwap. The token can then be used by liquidity providers to take out loans in fiat currency, or just as a tokenized receipt of their investment into the pool.

“The liquidation-free collateralization platform allows users to borrow interest-free loans against liquidity pool tokens as collateral,” Unbound said in a press statement, making the project somewhat akin to MakerDAO’s DAI stablecoin.

Unbound’s funding round is the latest in a series of investments in decentralized finance (DeFi) projects as the sector booms with almost $100 billion in locked value. Investments in DeFi don’t seem to be slowing despite the recent downturn in the crypto markets.Source