Float Capital Raises $5 Million to Build Magical Internet Assets – Bitcoin News Press Release

PRESS RELEASE. Float Capital, the Magic Internet Asset protocol, has just closed a $5 million starting round led by many of Web3’s leading investors.

VC firms such as Alameda Research, Maven 11, Ascensive Assets, MetaCartel Ventures, IDEO CoLab Ventures, 6th Man Ventures, Daedalus, Contango Digital, Encode Club, NEMO (DegenScore), Raba, CV VC, Benqi Finance, Paribu Ventures and Morning Star Ventures, alongside angel investors such as Aave founder Stani Kulechov and Gengmo Qi of Dragonfly Capital.

An ubiquitous DeFi lego

Float allows users to mine Magic Internet Assets – tokenized long and short positions, which provide leveraged, perpetual exposure to any asset. A new mechanism allows Float users to mint these perpetuals without the need for secured debt positions or the risk of liquidation.

The leverage allows users to gain highly capital efficient exposure to price movements, while the tokenised positions can be used in broader strategies such as pledging them, locking them in vaults, trading them in pools and much more.

The Float team plans to use this funding to become the go-to source for users seeking leveraged perpetual, tokenised long and short exposure.

Now that the round is complete, the team will prioritize radical iteration and development, as well as building partnerships with other protocols to become an integral DeFi building block, as widely used and reliable as Aave.

Explosive Alpha Growth

Float went live in a controlled alpha in September 2021 and has seen explosive growth since then.

Float spent weeks as TVL’s fastest growing protocol on Polygon, then Avalanche, then all over DeFi.

Float’s system is dynamic and scalable, enabling the team to deploy in new chains and send Magic Internet Assets to meet changing market conditions, such as sending an OHM market in partnership with Olympus DAO during the 2021 Bull Runs of the protocol.

The defining feature of this system is its namesake – “floating exposure,” eliminating the need for users to manage complicated, secured debt positions or worry about liquidations. Instead, a user’s price exposure moves with the balance of capital between long and short positions, along with a scalable array of market balance incentives, creating huge opportunities for market makers looking to earn rewards.

A hard-tech development team

The goal of Float is to build a whole new kind of financial primitive – an on-chain derivative that is effortless to use and easy to scale.

Building it is a team of blockchain natives. The founders met during their postgraduate studies in computer science, before working together as smart contract auditors and building DeFi systems that managed hundreds of millions of dollars in volume.

The core team counts for 80% in STEM backgrounds: engineers, mathematicians, physicists, data scientists and actuaries.

Since Float’s launch in 2021, the team’s GitHub has amassed just under 5,000 commits, with Float gaining a reputation in DeFi communities as one of the fastest and most productive teams around.

The investors in this round include:

  • Alameda Research
  • maven 11
  • IDEO CoLab Ventures
  • MetaCartel Ventures
  • Paribu Ventures
  • Usage
  • NEMO (the friendly monkeys behind DegenScore)
  • code club
  • Will Holt
  • Daedalus
  • Contango Digital
  • Morning Star Companies
  • 6th Man Ventures
  • Sinan Koc (BiLira)
  • Benqi Finance
  • Fire eyes DAO
  • Daedalus
  • Stani Kulechov (Aave, Lens Protocol)
  • CVVC
  • Sunil Srivatsa (saddle finance)
  • Danish Chaudhry (FMFW.io)
  • Seref Beverli (ex-binance)
  • Batu (ex binance)
  • Tendex GmbH
  • fawazo
  • CJ Hetherington (Atlantis World)
  • Gengmo Qi (DragonFly Capital)

Float is live on Polygon and Avalanche, with plans to expand to more chains. Currently Float leverage supports magic internet assets for ETH, OHM, the Flippening, LINK, AXS, AVAX, JOE, QI and many more.

Use their app to get leverage here in one trade.

You can read more about Float Capital on their blog, get live updates from their Twitteror chat directly with the core team in their Discord.

The Float logo and branded items are available here.

For press and media inquiries, please contact Campbell Easton: campbell@float.capital

This is a press release. Readers should do their own due diligence before taking any action regarding the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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