UAE Ghaf capital has invested in DeFi platform Hashstack. The DeFi platform that leverages its open Protocol to disrupt the DeFi lending market. Hashstack has secured $1 million seed funding from numerous crypto and blockchain venture capital firms.
Shortly after the launch of its Open Protocol testnet, Hashstack based in India, had successfully closed a $1 million seed funding round. The project aims to use the funds toward developing the Open Protocol, attract top talent, and foster the community.
The seed round witnessed participation from several well-known investors in the crypto circles such as UAE GHAF Capital Partners, Moonrock Capital, Kane & Rao Group, Nimrod Lehavi, MarketAcross, and Chainridge Capital.
Commenting on the development, Vinay, the founder of Hashstack Finance, stated, “Bringing under-collateralization to the DeFi is critical to our mission at Hashstack. We are grateful to be backed by some of the smartest money in this ecosystem. The funds raised will be utilized towards talent acquisition, product development & growth.”
What Is Open Protocol?
Hashstack Finance’s Open Protocol is the only autonomous lending solution in the DeFi space that allows users to take non-custodial, under-collateralized loans with up to 1:3 collateral-to-loan ratio. In simple terms, it means that users can borrow up to $300 by providing only $100 as collateral. Of this, they can withdraw $70 (up to 70 percent collateral), while utilizing $230 as in-platform trading capital.
Most of the DeFi protocols today require over-collateralization. Haskstack aims to change the game by offering the users a glimpse into the future of DeFi lending. Open Protocol caters to all users demands via instant under-collateralized loans, be it personal cash needs, leveraged investments in IDOs, or trading capital.
Feras El Sadek of UAE GHAF Capital Partners commented, “All our companies including Hashstack hold a great value to us. We at Ghaf Capital are very excited to back Hashstack as we view them as an essential cog in the crypto ecosystem, solving major issues to allow the blockchain space to go mainstream, making crypto accessible and affordable to billions of people all over the world. I personally admire how they push to add value to the whole system of the blockchain world. We in Ghaf Capital Partners hold similar values in that sense. We always push start-ups to do more and help support their growth continuously. It’s great to see others be a part of our company’s mission.”
Hashstack seamlessly integrates with other DeFi solutions such as PancakeSwap to enable in-app market swaps to improve loan utilization.
UAE Ghaf Capital has been investing in blockchain startups for sometime. It has invested in Web3Escrow protocol, NFT Startup Mars4as well as others.