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DeFi Trading Platform Raises Round Led by Brevan Howard as Part of Social Investing Push
Nested allows users to mint an NFT that replicates their investment portfolios Trades are tracked via smart contracts that update the digital collectible, eliminating the need to mint a new NFT with every transaction A decentralized finance platform with a social investing twist that allows users to showcase their investment strategies via NFTs has raised a $7.5 million round led by billionaire Alan Howard. Nested Finance intends to use the Series A round to hire employees, expand to additional blockchains and expand its staking capabilities, founder Rudy Kadoch told Blockworks. Brevan Howard announced a “massive” crypto push in January. …
DeFi Trading Platform Raises Round Led by Brevan Howard as Part of Social Investing Push
- Nested ermöglicht es Benutzern, eine NFT zu prägen, die ihre Anlageportfolios repliziert
- Trades werden über intelligente Verträge verfolgt, die das digitale Sammlerstück aktualisieren, wodurch die Notwendigkeit entfällt, bei jeder Transaktion eine neue NFT zu prägen
A decentralized finance platform with a social investing twist that allows users to showcase their investment strategies via NFTs has raised a $7.5 million round led by billionaire Alan Howard.
Nested Finance intends to use the Series A round to hire employees, expand to additional blockchains and expand its staking capabilities, founder Rudy Kadoch told Blockworks.
Brevan Howard announced a “massive” crypto push in January. In addition to Howard, investors such as CMT Digital, Kenetic Capital and Republic Capital also participated in the round.
The startup allows users to mint a non-fungible token (NFT) on a supported blockchain of their choice that uses smart contracts to issue their decentralized finance (DeFi) trades on Nested's platform. Traders – the majority are retail investors – are responsible for covering the cost of minting the NFT.
Supported blockchains now include Avalanche and Binance Smart Chain – now known as BNB Chain – and Polygon.
“Even if you’re not a famous person on Twitter, you can make a name for yourself on Nested,” Kadoch said.
Once minted, the NFT is updated via a smart contract to reflect new trades in real time, eliminating the need to mint a new digital collectible as a trader's portfolio changes over time. Users do not connect their Nested portfolio to a centralized crypto exchange; Liquidity is provided by the decentralized exchange 0x.
Nested, which allows users to replicate another trader's portfolio, is betting on rising interest in crowdsourced alpha driven by social media success stories. The idea, Kadoch said, is to bring a clean, streamlined user interface to the chaotic world of DeFi that cuts through the crypto noise.
The startup's founder compared the company to the early days of Coinbase, when the exchange brought crypto trading to the masses.
“Ten years ago you could buy cryptocurrencies, but when Coinbase came along, their plan was to democratize cryptocurrencies through a beautiful UX and succeeded in doing so,” he said.
“That’s exactly what we want to achieve with Nested: democratize DeFi through simplicity.”
Nested makes money by charging a small fee for each new NFT. When users create an account, they have the option to copy an existing NFT on the marketplace - replicating their trades - or start from scratch. Traders receive a royalty every time their portfolio is copied.
Kadoch said that trading thousands of DeFi coins creates a bottleneck when it comes to entering the space.
“Current exchanges are built for [hardcore] users and not for the masses,” he said.
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Post DeFi Trading Platform Raises Round Led by Brevan Howard in Social Investing Push is not financial advice.