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DeFi Startup Davos Raises $500K Pre-Seed Round From Sandeep Nailwal, Polygon Ventures

Polygon co-founder Sandeep Nailwal and Polygon Ventures have invested $500,000 in Davos - a new Decentralised Finance (DeFi) protocol - in its pre-seed funding round.

It will introduce a new, novel stable crypto asset as well as collateralised borrowing and staking for MATIC tokens. In exchange, users receive equal value in liquid staking token ankrMATIC, and can then repay loans and earn the stable assets, the company said in a statement.

The stable assets - which will be known as DAVOS - can be integrated into other protocols, pools and Decentralised Exchanges, it added. DAVOS is also enabled with features to achieve cross-chain operability, and also across various crypto pools. This will help the startup tap into automated farming yields and possibly generate higher compounding returns to users, Davos said.

(By Rishabh Mansur)

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