DeFi startup Quasar Finance raises $5.4 million at a $70 million valuation

protocolThe startup’s total funding now amounts to $11.5 million“Securing this funding given ongoing and difficult market conditions is a massive show of confidence and a significant reaffirmation of our partners' commitment to the common goal — making non-custodial and permissionless asset management available to all,” ValentinQuasar Finance aims to enable users to create vaults and enable strategies that can deploy assets across multiple blockchains.

The Cosmos ecosystem, which Quasar builds within, uses an inter-blockchain communication protocol that enables independent blockchains to communicate with one and other as well as trade assets. The release of IBC helps make Quasar’s services possible. One of the startup’s first offerings will be a rebalancing index of the Cosmos ecosystem, which is capable of staking included assets, according to the release.

"Quasar is an irreplaceable cornerstone of Cosmos and is a critical unlock for DeFi across IBC protocols,” said Alex Lin, head of research and investor at Shima Capital. “Quasar not only solves the ecosystem's fragmented capital shortcomings but also provides cutting-edge, secure vault mechanisms for a diverse user base.”

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