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Finance

Solana-Based DeFi Project Hubble Protocol Raises $10M

Investors in the zero-interest borrowing platform included Three Arrows, DeFiance Capital and Digital Currency Group.

By Brandy Betz
AccessTimeIconJan 18, 2022 at 3:00 p.m. UTC
Updated Apr 10, 2024 at 2:05 a.m. UTC
(Getty Images)

Decentralized finance (DeFi) project Hubble Protocol has raised $10 million in funding ahead of its mainnet launch later this month. Hubble will use the capital to expand its team and DeFi project offerings.

  • Investors in the funding round included Three Arrows, DeFiance Capital, Delphi Digital, Digital Currency Group (the parent company of CoinDesk), Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.
  • “We are thrilled to back the Hubble team as they build core DeFi primitives for the Solana ecosystem, from a decentralized stablecoin to an innovative borrowing marketplace to under collateralized lending. These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market,” said Matthew Beck, director of investments at Digital Currency Group, in a press release.
  • The funding round comes a month after Hubble Protocol announced a $3.6 million seed round that included Three Arrows and Delphi Digital among the investors.
  • On Jan. 28, London-based Hubble will launch the first phase of its development, a zero-interest borrowing platform that mints USDH, a new stablecoin.
  • The Hubble Protocol is based on Solana, the blockchain that tackles scalability issues by combining proof-of-stake and proof-of-history consensus methods to support a high volume of transactions per second.
  • Hubble’s future plans include developing under-collateralized lending services. The company also plans to become a decentralized autonomous organization (DAO).
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    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter