Impossible.Finance Raises $7M to Build its Cross-Chain DeFi Incubator and Launchpad
A major proof of a game-changing and futuristic blockchain project is that which has gained the backing of major builders and investors in the space. On this backdrop, Impossible.Finance, a decentralized finance (DeFi) centric platform has raised $7 million from institutional and angel investors to help build its core products bordering on a DeFi incubator, launchpad, and swap platform. Per a press release shared with Coingape, the funding round featured as many as 125 investors and was co-led by True Ventures, CMS Holdings, Alameda Research, and Hashed.
Committing funds is a sign of trust in the Impossible.Finance protocol and beyond participating in the funding round, top industry players including Sandeep Naiwal (Matic), Kain Warwick & Jordan Momtazi (Synthetix), Bette Chen & Ruitao Su (Acala), Bobby Ong & TM Lee (Coingecko), Larry Cermak (The Block), and Calvin Liu (Compound) amongst others are also backing the project.
“The entire Impossible community is really excited to bring on such a diverse and impressive army of builders, angel investors, and strategic DeFi and trading-focused funds to help create the next generation of blockchain projects,” said Calvin Chu, builder at Impossible Finance. “Even the ‘livepaper’ garnered over 400 edits from the top builders and investors in this space, and the Impossible community can’t wait to provide the same type of support to the projects that launch through the Impossible incubator.”
Building the Impossibility: The Impossible.Finance Project Under the Radar
To begin with, Impossible Finance uses decentralized financial protocols to give everyone the same access to financial products, which were previously only available to institutions and select individuals. The protocol will develop a multichain ecosystem that can help boost the growth of DeFi liquidity and composability. Through this provision, anyone can swap crypto tokens easily without being met with the frustrating limitation of unavailable liquidity.
The bigger the growth in the crypto and DeFi ecosystem, the more pertinent would we need to create interoperable protocols to interact with all the protocol serving users. This is one key area Impossible.Finance project will seek to make headway, albeit, in an untapped niche including an Incubator and a launchpad. As a multichain protocol, Impossible.Finance will build out support beginning with the Binance Smart Chain, with extensions projected for Ethereum and Polygon, as well as other Layer 2 blockchains.
The coming together of experts in the DeFi world resulted in the creation of the Incubator, a platform that will offer support and assistance for prospective crypto builders. Amongst the major incentives for new projects as will be offered by the protocol include but not limited to proper guidance for a successful launch, leveraging Impossible’s liquidity, and cross-chain support.
The Impossible.Finance launchpad will help projects reach the market through a transparent and Self-Sustaining Initial DeFi Offering (ssIDO). Beyond transparency, the protocol’s ssIDO will offer immutability and trust to project fundraising.
Timeline to Attain Full Functionality
The Impossible.Finance protocol understands how dynamic innovation in the digital currency and DeFi ecosystem can be and is committed to adjusting based on the needs per time. However, the project seeks to attain full functionality and bring its multi-chain operations as well as its other products including staking to maturity by 2022.
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