Stablecoin infrastructure platform OpenTrade closed a $17 million funding spherical Wednesday led by Mercury Fund and Notion Capital, with participation from a16z Crypto, AlbionVC and CMCC International, bringing its complete funding to greater than $30 million.
The London-based firm mentioned the funding will likely be used to increase its permissioned and permissionless infrastructure and help plans to develop its asset administration and buying and selling groups.
The elevate follows earlier backing from a16z Crypto and comes as OpenTrade expands its choices for fintechs, exchanges, wallets and institutional shoppers looking for stablecoin-based yield merchandise.
The agency gives help and infrastructure that allows fintechs, exchanges and wallets to supply stablecoin yield merchandise backed by real-world belongings (RWAs). OpenTrade’s total value locked is $5.67 million and claims it processed greater than $250 million in transaction quantity final 12 months.
“OpenTrade has made it easy for fintechs and neobanks to plug institutional-grade stablecoin yield into their merchandise,” mentioned David Sutter, OpenTrade’s CEO and co-founder. “The platform is increasing to serve non-custodial platforms, treasuries and asset issuers looking for “a secure, scalable approach to join stablecoins to diversified yield methods,” he added.
The stablecoin market has grown to more than $310 billion in provide, driving demand for infrastructure that connects digital belongings to yield methods throughout conventional and decentralized finance, the startup mentioned.
