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Maverick Protocol Announces $9m Funding Round, Backed By Binance And Coinbase

Press Releases Crypto News Bitcoinist Maverick Protocol Announces $9m Funding Round, Backed By Binance And Coinbase

Maverick Protocol, a provider of Decentralized Finance (DeFi) infrastructure, has completed a funding round, raising $9 million. Founders Fund, an American venture capital firm, led the funding. It was also supported by other prominent Venture Capitalists (VCs) firms such as Binance Labs, Coinbase Venture, Pantera Capital, and Apollo Crypto.

Maverick Protocol To Focus On Liquid Staking

According to a press release posted earlier today, Maverick Protocol remains focused on enhancing the efficiency of the DeFi markets.

To that end, the 10-man team behind the decentralized platform will direct its newly acquired capital to develop an improved Liquid Staking Token (LST) infrastructure while providing solutions to the current woes of its cross-chain liquidity system.

Furthermore, Maverick Protocol will seek to integrate with new chains while equipping developers with the necessary tools to maximize its infrastructure. In addition, the DeFi platform plans to partner with more projects, thus expanding its ecosystem.

Maverick is already integrated with some top DeFi projects, including Frax Finance, Rocket Pool, Swell, and the largest DeFi protocol – Lido Finance.

“We founded Maverick to provide the critical market infrastructure required to eliminate inefficiencies from DeFi and help the industry grow to new highs,” said Alvin Xu, Co-Founder of Maverick Protocol, while commenting on the fundraising campaign

He added:

In a very short period, we’ve delivered consistently strong capital efficiency to liquidity providers and equipped token projects with new incentivization tools to build liquidity using precisely targeted rewards. This fundraising enables us to continue building towards our mission of making a stronger, more efficient DeFi ecosystem for everyone.

That said, Maverick’s latest funding round comes after a strategic fundraising event in February 2022 in which the crypto firm raised $8 million as it prepared for its mainnet launch in mid-2022.

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Author: Semilore Faleti

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