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Cosmos-Based DeFi Protocol Quasar Raises $5.4M

The collapse of multibillion-dollar centralized crypto exchange FTX has renewed focus on the promise of decentralized finance. However, DeFi still has growing pains due in part to fragmentation across multiple blockchains – a problem addressed through interoperability-focused protocols.

Quasar Finance, a decentralized asset management protocol using the Inter Blockchain Communication (IBC) technology released by the Cosmos blockchain ecosystem, has raised $5.4 million in a funding round led by Shima Capital at a $70 million valuation. The protocol allows users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains.

Other investors in the round included Polychain Capital, Blockchain Capital, HASH Capital, CIB and Osmosis co-founder Sunny Aggarwal, among others. The capital will go toward product development and scaling out the team, according to a press release provided to CoinDesk.

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