October 17, 2024
Drop Protocol, which offers a liquid staking protocol for Interchain assets and is a founding member of the Lido Alliance, has secured $4 million in Seed funding. The funding round was led by CoinFund, with additional support from CMS Holdings, Anagram, Interop Ventures, Cosmostation, and others. Notable angel investors included Vasiliy Shapovalov (Co-founder of Lido DAO), Mustafa Al-Bassam (Co-founder of Celestia Labs), and Jon Kol (CEO of Abacus Labs and a key contributor to Hyperlane).
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Drop Protocol | $4M | October 17, 2024 | Seed Round | Coinfund | DeFi |
The company plans to utilize the funds to enhance the economic sustainability of independent blockchain economies.
The Drop team comprises former contributors from Lido and P2P, and the protocol is developed as an integrated application on Neutron, which is based on the Cosmos SDK blockchain framework.
About Drop Protocol
Drop Protocol is a liquid staking platform for Interchain assets, and it’s a founding member of the Lido Alliance. The protocol, developed by former contributors from Lido and P2P, aims to enhance the economic sustainability of independent blockchain economies. Built on Neutron using the Cosmos SDK framework, Drop Protocol leverages advanced technologies like Inter-Blockchain Communication (IBC) to provide secure and efficient liquid staking services. This allows users to earn staking rewards without locking their assets, offering flexibility and additional opportunities for yield.
Website: https://www.drop.money/
About Investor
Investor: Coin Fund
CoinFund is a venture capital firm that invests in early-stage blockchain and Web3 projects. Founded in 2015, CoinFund focuses on supporting innovative technologies and companies that are shaping the future of decentralized networks. They provide not only financial backing but also strategic guidance and hands-on support to help their portfolio companies succeed.
Location: Brooklyn, New York US
Website: https://coinfund.io/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments