LBank Labs Backs Scallop's Strategic Round Led by CMS Holdings and 6th Man Ventures
- Written by Newsfile
April 26, 2024 12:04 PM EDT | Source: LBank[1]
Singapore, Singapore--(Newsfile Corp. - April 26, 2024) - LBank Labs, a leading blockchain venture fund, is excited to announce its investment in Scallop alongside investors such as CMS Holdings, 6th Man Ventures, KuCoin Ventures, UOB Venture and others.
LBank Labs Participates in Scallop's Strategic Funding Round, Led by CMS Holdings and 6th Man Ventures
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With the growing popularity for DeFi projects, Sui Network has become a popular choice for developers to build their DeFi products due to its high transaction speeds and low fees. One of the trending protocols on Sui Network currently is Scallop.
Scallop is one of the leading money markets on Sui Network emphasizing institutional-grade quality, enhanced composability, and robust security. They are dedicated to building a dynamic money market that offers high-interest lending, low-fee borrowing, AMM, digital asset self-administration tool on a unified platform and offering an SDK for professional traders.
More than just a lending and borrowing platform, Scallop also offers various features sCoin lending derivatives, Scallop Tools (Sui Programmable Transaction Blocks building tool), Flash Loan, SDKs, cross-chain bridging and Scallop Swap. Scallop Swap is the latest feature implemented that allows users to seamlessly swap across different coins on Sui Network.
Some of the other investors joining Scallop's latest strategic round include CMS Holdings, 6th Man Ventures, Kucoin Labs, Blockchain Founders Fund, Kyros Ventures, UOB Venture and many others. Scallop is also backed by various notable Crypto investors and KOLs like Dingaling, Pentoshi, Zeneca and many others. Through all their investment rounds, Scallop has raised a total of $3M. Additionally, they were one of the first DeFi protocols on Sui to receive an official grant from Sui Foundation.
"We are excited to deepen our commitment to the Sui ecosystem through our investment in Scallop. The Scallop team has consistently demonstrated strength in product development and security measures. Its Trilinear Interest Rate Model captures the dynamics of interest rate. We are thrilled to support their ongoing efforts, ensuring that innovation and user safety go hand in hand," says Nathalie Yang, Principal at LBank Labs.
"We are extremely thrilled to have LBank Labs as one of our investors, and this collaboration could potentially help Scallop's growth and development," says Kris Lai, Founder and CEO of Scallop.
About LBank Labs:
LBank Labs, with its $100M AUM, is renowned for its strategic investments in the blockchain and cryptocurrency space. Its portfolio includes innovative projects such as Entangle, Puffer Finance, LunarCrush, Navi Protocol, Exabits, and Hivello, along with significant investments in VC funds such as Collab Currency, SevenX Ventures, IOSG Ventures, Blockchain Builders Fund, and more.
For further inquiries or media requests, please contact:Eddy Wang, PR Manager at LBank LabsEmail: eddy.wang@lbank.com[3]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206962[4]
References
- ^ LBank (www.newsfilecorp.com)
- ^ https://images.newsfilecorp.com/files/8831/206962_e380d23fa4871824_001full.jpg (images.newsfilecorp.com)
- ^ eddy.wang@lbank.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/206962 (api.newsfilecorp.com)
- ^ LBank (www.newsfilecorp.com)