Decentralized lending protocol Echelon has raised $3.5 million in a seed funding round led by Amber Group, with backing from several crypto venture capital firms.
Echelon plans to use the funds to promote the decentralized finance (DeFi) ecosystem, according to a press release.
The platform will use the funding to expand its product offerings, grow its team, and implement a treasury, cross-chain vaults, and real-world asset-backed strategies.
Eyeing DeFi across Move-based ecosystem
Echelon offers a money market platform for borrowing and lending crypto assets through non-custodial pools. This allows customers to earn interest and leverage their assets.
Users on the platform can further enhance earnings via staking and real-world assets.
Echelon aims to bring its products to Aptos (APT) and other proof-of-stake blockchains built with the Move programming language, which has gained popularity due to its use in Meta’s Diem project.
Sui (SUI) is another project using the Move programming language.
Echelon will also target Movement, a network of modular Move-based blockchains for building interoperable dApps that bridge Move-based platforms and Ethereum (ETH) virtual machine ecosystems. Movement is Ethereum’s first Move-EVM layer-2 network.
Movement Labs raised $3.4 million in its pre-seed round, aimed at developing a software development kit for the Web3 interoperability ecosystem.
Apart from Amber Group, Echelon’s seed round also saw participation from Laser Digital, Selini Capital, Interop Ventures, Saison Capital, and Re7.
