Oasis.app, which enables DeFi users to borrow and multiply their exposure to cryptocurrencies as well as earn on their assets, raised $6 million during a Series A funding round led by Libertus Capital, Coin Journal learned from a press release.
Other investors in the funding round included Road Capital and some high profile angels in the DeFi space.
Funds used to develop product and grow team
Oasis received the $6 million in funding in both cash and crypto. This round follows an initial seed round of $5 million from UDHC Finance in June 2021, when Oasis was taken out of the Maker Foundation as part of its dissolution.
The Oasis team will use the funds to further develop their product offering, expand their team, and improve their brand identity.
We’re excited to partner with the Oasis team as they continue to build out products and tools that enable DeFi users to seamlessly and safely deploy their capital. The Oasis team has so far built the no. 1 DeFi app to interact with the Maker Procotol. With this funding, we look forward to them bringing their world class smart contract and security expertise into the broader DeFi ecosystem.
Chris Bradbury, Oasis.app CEO added:
It’s been an incredible journey so far. We’re proving our vision of becoming the most trusted place in DeFi to deploy and manage capital. This latest funding allows Oasis.app to scale the features our community will be looking for next. As a team we are humbled to be working with such incredible investors who are already taking us forward with their experience of this space. This is a big-time for DeFi as users are not only seeing the potential but finding the tech to access it. It’s still early days for DeFi and we are excited to be driving the next phase of adoption.
Oasis.app is a DeFi platform, which can be used to increase exposure to crypto, exchange tokens, or borrow Dai against crypto, as well as all three. The trading volume on the multiply feature passed $1 billion within just 6 months of its release.