An Oversubscribed Private Round Sees Spherium Finance Raise a Total of $3.3 Million

·3 min read

Several notable venture capital funds are supporting the full-suite DeFi platform's mission to make everyone their own wealth manager

SINGAPORE, May 12, 2021 (GLOBE NEWSWIRE) -- As global interest in cryptocurrencies soars to an all-time high, DeFi (decentralised finance) has emerged as a force to be reckoned with during a time of increased economic instability. DeFi platforms and protocols open the doors for millions of unbanked people worldwide, enabling them to take control of their finances and explore the opportunities for wealth creation and revenue that were previously unavailable to them within the confines of the traditional banking system.

Spherium Finance offers a comprehensive solution to DeFi participants and investors looking to take control of their assets and financial future, with an ecosystem of powerful tools and features such as decentralised money markets and a decentralised asset swap platform. The project recently announced that they had successfully closed their seed and private sale rounds, with a total of $3.3 million being contributed by various influential venture capital funds, cryptocurrency exchanges and angel investors.

A vision shared by the industry's leading investors

Amongst investors in the Spherium seed and private raise rounds were long-running cryptocurrency exchanges such as Gate.io and OKEX's Blockdream Fund, as well as reputable venture capital firms such as Raretsone Capital, NGC, GBIC, LD Capital, Swiss Founders Fund, AU21, Twin Apex Capital and others. With an overwhelming interest in the project's seed round, the initial stage raise was oversubscribed and allocation was transferred into private stage raise, which also filled quickly.

Christian Mischler of Swiss Founders Fund said "We strive to invest into the most innovative and user-friendly projects on the market. When looking deeper into Spherium we've realized that we found such a project. We're happy to be early supporters and we're excited to see how the project develops and grows; we have no doubt that Spherium will gain a lot of traction in a short period of time."

A one-stop DeFi shop

With so many new and innovative products and tools being built in the blockchain and DeFi industry right now, things can easily become overwhelming for someone new to the space; the vast array of farming protocols, liquidity pools and yield generation platforms available today are great, but the user experience is often scattered at best with many located on different blockchains. Add to this the high transaction costs and confirmation time experienced on the Ethereum blockchain and it can be argued that DeFi is being held back from reaching its full potential.

Spherium Finance brings together an array of powerful financial tools that make the best of DeFi available to anyone in the world. With long-running expertise in the fintech, law and AML/KYC industries, the Spherium Finance team also have deep knowledge in smart contract development and are utilising their knowledge to create a secure and trustless ecosystem that can make the near-infinite potential of DeFi available to millions of people around the world without access to traditional finance.

The project is set to launch a public IDO in the coming days and will be using funds raised to further bootstrap the development of the platform's various products in the coming months. Tools currently available include a decentralised asset swapping platform, a non-custodial wallet and SphereComp, decentralised money markets module built on the Ethereum blockchain.

Media Contact

Company: Spherium Finance

Contact: Christopher Marley, Chief Marketing Officer

Twitter: https://twitter.com/SpheriumFinance

Telegram: https://t.me/SpheriumCommunity

E-mail: media@spherium.finance

Website: https://www.spherium.finance

SOURCE: Spherium Finance


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