August Raises $10 Million Series A Funding, Signaling Institutional Faith in Crypto
In a significant development within the cryptocurrency sector, August, an innovative on-chain prime brokerage and execution platform, has raised $10 million in a Series A funding round, showcasing the firm’s growth and the ongoing confidence of institutional players in digital assets. The funding round was led by Dragonfly Ventures, with participation from notable investors including SCB Limited, 6th Man Ventures, and Robot Ventures, among others. Founded in the aftermath of the cryptocurrency market's turbulence, August is experiencing a substantial uptick, having reached a staggering monthly transaction volume exceeding $7 billion. This increasing volume not only evidences the revival of interest in crypto but also highlights the market's progression towards normalized trading practices.
August’s goal is to redefine how institutions engage with cryptocurrency by improving connection points between decentralized finance (DeFi) and traditional finance (CeFi). The company’s funding will primarily be utilized to enhance its prime brokerage services, diversifying its product offerings and strengthening its infrastructure to accommodate a growing customer base. With over 12 supported blockchains, 250 tokens, and 70 protocols, August empowers institutions to navigate the complexities of cryptocurrency trading seamlessly, allowing for increased liquidity and capital optimization.
Creating a New Standard in Crypto Trading
The firm's offerings include an advanced portfolio margin system that allows clients to leverage their staked assets and yield positions as collateral for various products ranging from structured finance to derivatives, all while ensuring a seamless user experience via a unified on-chain account.
Aya Kantorovich, co-founder and co-CEO of August, asserted the pivotal nature of their technological advancements, stating, "The events of 2022 highlighted the urgent need for transparency and proper risk management in trading operations. At August, we are committed to setting a new standard for capital-efficient digital asset trading, where trust is paramount and embedded within the infrastructure."
A Platform Designed for Reliability
In contrast to the failures of centralized platforms like FTX and 3AC, August intends to build a platform piercing through hidden risks. By incorporating real-time risk monitoring capabilities, August aims to ensure that credit and counterparty risks can be managed programmatically. This move towards transparency is critical for institutional investors who now demand clarity in their investment dealings.
Carl Vogel from 6th Man Ventures elaborated on the potential of August by stating, "August synergizes the speed and modularity of DeFi with the robust risk management tools demanded by the world's largest institutions. This fusion of technology will soon be made accessible to the public via Upshift, paving the way for the future of finance."
The capital raised in this latest funding round will not only bolster August's current offerings but will also facilitate the launch of new applications aimed at enhancing users' experiences and facilitating comprehensive access to financial tools. Upshift, the first decentralized application developed on the August platform, boasts a total value locked of around $300 million, illustrating the solid foundation and trust the platform has garnered thus far.
With the ever-growing trends in decentralized finance and the increasing push for traditional institutions to adopt these new technologies, August stands tall as a beacon of innovation and reliability in the cryptocurrency economy. It seeks to further advance financial inclusivity and transparency by providing a holistic suite of services that cater to both retail and institutional needs. As August continues to expand its reach and capabilities, the company is well-positioned to shape the contours of the evolving cryptocurrency landscape while enhancing investor confidence with every transaction.
Growth and Ambitions of August
August’s goal is to redefine how institutions engage with cryptocurrency by improving connection points between decentralized finance (DeFi) and traditional finance (CeFi). The company’s funding will primarily be utilized to enhance its prime brokerage services, diversifying its product offerings and strengthening its infrastructure to accommodate a growing customer base. With over 12 supported blockchains, 250 tokens, and 70 protocols, August empowers institutions to navigate the complexities of cryptocurrency trading seamlessly, allowing for increased liquidity and capital optimization.
Creating a New Standard in Crypto Trading
The firm's offerings include an advanced portfolio margin system that allows clients to leverage their staked assets and yield positions as collateral for various products ranging from structured finance to derivatives, all while ensuring a seamless user experience via a unified on-chain account.
Aya Kantorovich, co-founder and co-CEO of August, asserted the pivotal nature of their technological advancements, stating, "The events of 2022 highlighted the urgent need for transparency and proper risk management in trading operations. At August, we are committed to setting a new standard for capital-efficient digital asset trading, where trust is paramount and embedded within the infrastructure."
A Platform Designed for Reliability
In contrast to the failures of centralized platforms like FTX and 3AC, August intends to build a platform piercing through hidden risks. By incorporating real-time risk monitoring capabilities, August aims to ensure that credit and counterparty risks can be managed programmatically. This move towards transparency is critical for institutional investors who now demand clarity in their investment dealings.
Carl Vogel from 6th Man Ventures elaborated on the potential of August by stating, "August synergizes the speed and modularity of DeFi with the robust risk management tools demanded by the world's largest institutions. This fusion of technology will soon be made accessible to the public via Upshift, paving the way for the future of finance."
Strategic Partnerships and Offerings
The capital raised in this latest funding round will not only bolster August's current offerings but will also facilitate the launch of new applications aimed at enhancing users' experiences and facilitating comprehensive access to financial tools. Upshift, the first decentralized application developed on the August platform, boasts a total value locked of around $300 million, illustrating the solid foundation and trust the platform has garnered thus far.
Conclusion
With the ever-growing trends in decentralized finance and the increasing push for traditional institutions to adopt these new technologies, August stands tall as a beacon of innovation and reliability in the cryptocurrency economy. It seeks to further advance financial inclusivity and transparency by providing a holistic suite of services that cater to both retail and institutional needs. As August continues to expand its reach and capabilities, the company is well-positioned to shape the contours of the evolving cryptocurrency landscape while enhancing investor confidence with every transaction.
Topics Financial Services & Investing）
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