Katie Haun’s Haun Ventures has led a $32 million fundraising spherical for Euler, a non-custodial protocol that permits customers to lend and borrow digital belongings.
Euler, which is constructed on high of the Ethereum blockchain, says it is capable of mitigate the chance of lending and borrowing belongings by a framework that assigns every funding a tier relying on its threat.
“Euler takes a singular strategy to deal with the dangers related to lending and borrowing crypto belongings that stood out to us as exemplary in DeFi,” Haun stated in an announcement on Tuesday. “These sorts of revolutionary options are notably necessary since lending and borrowing protocols function a key cornerstone of crypto markets.”
The corporate says that the spherical — which additionally featured participation from Variant, FTX Ventures and Leap Crypto — will assist it diversify the Euler DAO treasury.
DAOs, or decentralized autonomous organizations, are decentralized buildings that give traders the power to vote on proposals starting from a protocol’s advertising and marketing efforts to a brand new product through a local governance token. Euler says its DAO, which can launch later this 12 months, will give customers the power to vote on Euler’s improvement and operations, and decide how its neighborhood treasury is put to make use of.
Euler is among the first investments for Katie Haun, a former federal prosecutor turned investor, since she based Haun Ventures and raised $1.5 billion for 2 crypto-focused enterprise capital funds. Beforehand, the agency led a $50 million round into NFT market Zora and in addition invested in crypto tax software TaxBit.