InstaDApp raises $2.4 million in a seed round from investors

InstaDApp, a decentralized finance (DeFi) startup, recently raised $2.4 million in a seed round. According to InstaDApp's blog post, a number of investors including Coinbase Ventures, Pantera Capital, Robot Ventures, venture capital company IDEO Colab funded InstaDApp. InstaDApp develops a mediator smart wallet layer within the user interface and protocols which simplifies financial transactions.

Balaji Srinivasan, the former CTO of Coinbase, said about InstaDapp:

“InstaDapp is a very talented team out of India looking to make decentralized finance more accessible.”

The startup cited significant growth after its protocol launch. The value locked in their smart contracts increased from $4 million to more than $35 million. This places InstaDApp behind MakerDAO and Compound when it comes to total value locked up in smart contracts,

Regarding the investment, Paul Veradittakit of Pantera said:

“We are impressed by InstaDapp’s laser focus on aggregating and simplifying DeFi and their growth has been a testament to their ability to execute successfully. InstaDapp stands out from everything else we have seen in the space so far. We believe they’re the right team to push the future of DeFi forward and help the next wave of users to onboard to the open financial ecosystem.”