Exponential, a decentralized finance (DeFi) investment discovery and risk assessment platform, has raised $14 million in a preliminary funding round that was led by crypto-focused investment firm Paradigm.
Hackers have exploited coding flaws in a growing number of DeFi initiatives this year. Exploits of cross-chain bridges – which is software that allows users to move assets from one blockchain to another – led to at least $2 billion in lost bitcoin during the first half of the year, according to a new Chainalysis analysis.
“Investing in DeFi is a labyrinthian hellscape that even the most ardent crypto evangelist may get lost in,” Exponential co-founders Driss Benamour, Mehdi Lebbar and Greg Jizmagian wrote in a post announcing the fundraising. “Finding reputable projects, completing trades, moving funds across chains, tracking performance and filing taxes is more than enough to scare off most investors.”
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The Exponential platform offers an institutional-grade risk assessment engine that examines a user’s existing investments for potential dangers in the underlying protocols, assets and blockchains. Users can also locate and compare yield opportunities across the major chains and protocols. Exponential will soon introduce the option for users to invest directly in DeFi projects through its custodial platform.
Other investors in the funding round included Haun Ventures (the VC firm of Andreessen Horowitz alum Katie Haun), the venture-capital arm of cryptocurrency exchange FTX, the Solana and Polygon blockchains and the investment arm of USDC stablecoin issuer Circle, among others.
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