DeFi Lending Protocol Euler Closes $8M Series A Round Led By Paradigm
The developers of Euler, the first lending protocol that allows users to create their own lending markets in a permissionless fashion, announced today that they have completed an $8 million Series A round led by Paradigm. The new funding will help to grow the Euler developer team in anticipation of the protocol’s launch later this year and provide support to help integrate the protocol into the wider DeFi ecosystem.
“The long tail of DeFi assets is enormous and underserved by existing lending protocols,” said Charlie Noyes, investment partner at Paradigm. “The Euler team is creating something that meets the need in a novel, scalable way, and we're excited to support the development.”
Lead seed round investor Lemniscap joined the round, which also included other leading angel investors such as Anthony Sassano from The Daily Gwei, Ryan Sean Adams from Bankless, Kain Warwick from Synthetix and Hasu from Uncommon Core.
Michael Bentley, co-founder of Euler said that the protocol had been, “Custom-built to support permissionless listing of almost any crypto asset, without governance limiting what people can lend or borrow.”
“A lot of research and development time has gone into figuring out how to allow users to lend and borrow almost any crypto asset in a capital-efficient way, whilst limiting the risks that some of these more volatile assets sometimes pose. Euler is purpose-built for people and organizations looking for long-term storage and yield opportunities.” added the co-founder of Euler.
Euler was incubated by Encode Club, a worldwide community of blockchain developers primarily associated with universities. It was at an Encode hackathon last summer that Bentley, himself a former postdoctoral researcher at the University of Oxford, met his co-founders, Jack Prior and Doug Hoyte.
The team’s goal is now to launch the protocol by the end of the year, integrate the protocol into the wider DeFi ecosystem, and start on the path to handing control of the protocol over to a decentralized community of custodians.
About Euler
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans and much more. For more information, visit euler.finance.
About Paradigm
Founded in 2018, Paradigm is a leading crypto-focused investment firm based in San Francisco. The firm invests in crypto assets and businesses from the earliest stages of idea formation through maturity. Paradigm is driven by the conviction that crypto has the potential to bring greater freedom, autonomy, and economic benefit to people around the world, and supports that belief through investments in founders and projects that move the crypto ecosystem forward. For more information, visit paradigm.xyz.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005642/en/
Contact information
Bella Szabo
bella@euler.xyz
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Ipsen: ESMO 2021: Cabometyx® Demonstrates Sustained 78% Reduction in Risk of Disease Progression or Death in People Living With Uncommon Form of Thyroid Cancer18.9.2021 07:30:00 EEST | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced presentation of new analyses at the European Society for Medical Oncology (ESMO) Congress 2021 across different forms of cancer for people treated with Cabometyx® (cabozantinib). Of note, the final analysis of the pivotal Phase III COSMIC-311 trial (Abstract LBA67) will be presented, with Cabometyx demonstrating a clinically meaningful, sustained efficacy benefit versus placebo in people living with previously treated radioactive iodine-refractory differentiated thyroid cancer (RAI-R DTC). With a median follow-up of 10.1 months, Cabometyx continued to demonstrate superior median progression-free survival (mPFS) with a reduction in the risk of disease progression or death of 78% versus placebo (hazard ratio [HR]: 0.22, 96% confidence interval [CI]: 0.15-0.32; p<0.0001).1 This final analysis is consistent with data from the interim analysis, presented at the American Society of Clinical Oncology (ASCO) Annual Meeting 2021
Unifrax Hosts Groundbreaking Ceremony for SiFAB™ Manufacturing Line17.9.2021 21:46:00 EEST | Press release
Today, Unifrax, a leading manufacturer of high-performance specialty materials, held a ceremonial event celebrating its first large-scale SiFAB™ Silicon Fiber Anode Battery Technology manufacturing line, which is currently under construction at the company’s north central Indiana facility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005495/en/ Unifrax team celebrates SiFAB groundbreaking at New Carlisle plant. (Photo: Business Wire) The event recognized Unifrax’s ongoing partnership with the State of Indiana and St. Joseph County, along with SiFAB’s continued progress. Unifrax executives, along with the SiFAB manufacturing team and local and state government officials, kicked off the ceremony at 10 a.m. EDT at the New Carlisle, IN plant, with remarks by John Dandolph, president and CEO, Unifrax. “Through the support of the State of Indiana and St. Joseph County, we have the ability to leverage our existing New Carli
Prince William announces 15 Finalists for inaugural year of the £50 million Earthshot Prize17.9.2021 20:01:00 EEST | Press release
The Earthshot Prize announces today its first-ever shortlist of 15 Finalists, each with a chance of winning £1million to support their innovative environmental solutions to the greatest challenges facing the planet. Prince William said: "Over half a century ago, President Kennedy’s ‘Moonshot’ programme united millions of people around the goal of reaching the moon. Inspired by this, The Earthshot Prize aims to mobilise collective action around our unique ability to innovate, problem solve and repair our planet. “I am honoured to introduce the 15 innovators, leaders, and visionaries who are the first ever Finalists for The Earthshot Prize. They are working with the urgency required in this decisive decade for life on Earth and will inspire all of us with their optimism in our ability to rise to the greatest challenges in human history.” Launched by Prince William and The Royal Foundation in October 2020, The Earthshot Prize is the most prestigious global environment prize in history. Li
Wipro Announces Co-innovation Space with Google Cloud17.9.2021 16:32:00 EEST | Press release
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore, India. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers. By combining the expertise and resources of Wipro FullStride Cloud Services and Google Cloud, this jointly developed innovation center will offer a unique combination of people, processes, and platforms that will collectively create a futuristic experience for customers globally. This state-of-the-art arena will showcase the talent, tools and best practices required to develop and deploy applications on Google Cloud. Jason Eichenholz, Senior Vice President, Global Head of Ecosystems & Partnerships, Wipro Limited said, “We are excited to strengthen our partnership with Google Clou
Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat17.9.2021 16:00:00 EEST | Press release
Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, announced today that ReVamp, an upcoming multiplayer social deception game, will launch soon in select markets exclusively for Snapchat. The vampire-themed game will be the first social deception title on Snapchat, giving Snapchatters their first chance to sink their teeth into this popular genre. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210917005012/en/ Zynga Announces ReVamp, the First Multiplayer Social Deception Game For Snapchat (Graphic: Business Wire) ReVamp is a real-time multiplayer imposter game where players aim to reveal who the vampire player is among their group of friends while they renovate the rooms of an old mansion. In the game, human players must complete renovation tasks, such as demolition and building, to improve their chances of survival while identifying and defeating the vampire during the voting phase. Vampire players mu
BeiGene Receives Positive CHMP Opinion for BRUKINSA® (Zanubrutinib) for the Treatment of Adults with Waldenström’s Macroglobulinemia17.9.2021 15:00:00 EEST | Press release
BeiGene (NASDAQ: BGNE; HKEX: 06160) today announced the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion, recommending approval of BRUKINSA (zanubrutinib) for the treatment of adult patients with Waldenström’s macroglobulinemia (WM) who have received at least one prior therapy or first-line treatment for patients unsuitable for chemo-immunotherapy. “Bruton’s tyrosine kinase (BTK) inhibitors have emerged as a promising treatment for WM, yet treatment discontinuation due to lack of response or side effects remains a concern,” said Prof. Christian Buske, Medical Director at the University Hospital Ulm, Germany, and a trial investigator of the ASPEN study. “The ASPEN trial demonstrated that BRUKINSA provided deep and durable responses and offered substantial improvements in safety and tolerability over standard therapy. Patients in Europe with WM may soon have a new treatment option that can offer improved outcomes.
Janssen Receives Positive CHMP Opinion for BYANNLI® (6-monthly Paliperidone Palmitate) for the Maintenance Treatment of Schizophrenia in Adults17.9.2021 13:50:00 EEST | Press release
The Janssen Pharmaceutical Companies of Johnson & Johnson announced today that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending the long-acting atypical antipsychotic therapy BYANNLI® (6-monthly paliperidone palmitate; PP6M) for the maintenance treatment of schizophrenia in adult patients who are clinically stable on 1-monthly paliperidone palmitate (PP1M)2 or 3-monthly paliperidone palmitate (PP3M).3 If approved by the European Commission, PP6M will provide the first twice-yearly treatment for adults living with schizophrenia and longest available dosing interval for an antipsychotic medication in the European Economic Area.1,4 “With only two injections per year, 6-monthly paliperidone palmitate has the potential to reduce the burden of taking medication frequently, giving eligible patients the opportunity to focus on other aspects of their life,” said Ludovic de Beaucoudrey, Ph.D., EMEA Therape
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom