Multipli, a yield protocol backed by Pantera Capital and Sequoia, raised $5 million in new capital and increased its total funds to $21.5 million.
The revenue is intended to expand institutional grade yield products for assets such as Bitcoin and tokenized money. These have historically produced minimal returns in distributed finance (DEFI).
Multiple TVLs
According to Defillama, Multipli’s total is around $79.5 million (TVL), and the company says that users can currently earn around 6% APY on wrapped Bitcoins and 10-15% on Stablecoins.
The platform also plans to support tokenized silver by the fourth quarter, introduce non-permanent loss protection to liquidity providers, and expand partnerships with companies such as Fasanala Capital and Spartan Capital.
Target non-revenue assets
Founded by early Ethereum contributors and former executives of Coinbase, PayPal and JPMorgan, Multipli aims to address market gaps, with more than 90% of assets such as BTC, XRP and tokenized gold earning an annual yield of less than 1% for DEFI.
“We have partnered with some of the world’s top hedge funds to tokenize our delta neutral strategy. We will have access to anyone with stubcoin, BTC or tokenized gold. Multi-Pre.
Lakshminarayanan told Defiant that Multipli has hit 70,000 active users on MainNet since its launch, including “an institutional client accessing the Invey Strategies platform.”
Instead of relying on yield agriculture, the platform generates returns through strategies such as Contango trading, basic arbitrage, and finance operations and works with institutional managers to tokenize these strategies.
Multipli rewards users with a point-based system, allowing them to earn orbs to use the platform. Lakshminarayanan has revealed that the platform is considering launching native tokens by the end of the year for Ethereum and other partner networks, with a “new mechanism for overview of token values,” but no details have been made available.
