Ondo Finance Raised USD20M Funding Ondo FinanceDeFi Bank, based in NYC, has raised $20M Series A funding.

The round was led by Founders Fund and Pantera Capital with participation from Coinbase Ventures, GoldenTree, Wintermute, Steel Perlot (Michelle Ritter / Eric Schmidt), Tiger Global, and Flow Traders. The company plans to use the funds for its staff development and to launch new products, including multi-chain expansion. Ondo Finance’s CEO and founder, Nathan Allman is leading the effort to create a decentralized bank that connects all stakeholders in the DeFi ecosystem. This includes institutions and decentralized autonomous organizations (DAOs), as well as retail investors. The company created a unique primitive for decentralized structured products. It offered a choice between lower returns and downside protection. It later expanded to other use cases, such as its Liquidity-as-a-Service (LaaS) offering, which matches DAOs with underwriters to provide liquidity for a DAO’s native token, so that its users can easily trade its token in decentralized exchanges. Ondo has partnered with more than ten DAOs including Terra, Frax, and Fei, and has seen more than $200 million in liquidity deposited into its protocol. Ondo’s rapid growth in organic communities and product adoption means that it is now ready to decentralize governance through the upcoming launch OFDO token and associated DAO.

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