India-based startup Instadapp announced that its $10 million funding round has finally been completed, which was spearheaded by Standard Crypto. Yearn.Finance, a crypto investing platform founded by Andre Cronje, was also included in the process. 

Previously, the company successfully struck a deal with companies which include Coinbase Ventures, Pantera Capital, and others that resulted in $2.4 million in fresh investments. 

Instadapp’s major role is to create a “middleware” layer that aids developers to create applications that are compatible between crypto payment gateways and DeFi protocols. 

Even with the crypto market’s bearish turn, the success of Instadapp’s funding round is one of the latest investments received by DeFI startups in recent months. 

In a message sent through email, Instadapp stated that it is planning to use the $10 million fund to continue building and developing its middle layer to better help developers. 

A closer look at Instadapp

Instadapp is a decentralized platform that creates a simple-to-use layer to help interact with other DeFi platforms. 

Instead of using various applications to perform functions like lending and borrowing, the company has developed an interface that serves as a “one-stop” for various transactions. 

This interface can be likened to a banking portal that provides users with the convenience of managing their crypto finances. 

Hackathon

Brothers Somway Jain and Samyak Jain founded Instadapp. 

Their project was born at a hackathon event called “ETHIndia,” one of the largest ethereum events in India for developers where they are challenged to create a product in a short number of days. 

The brothers were able to finish their entry, Instadapp, and became the hackathon’s latest winner. 

“We kept on developing Instadapp, adding new features, and solving more problems in decentralized financing,” Someway Jain said. 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/bitcoin/instadapp-raises-10-million-in-latest-funding-round/