December 10, 2024
Neptune has announced the completion of a $3.9 million seed funding round to support the development and launch of USDN, a decentralized stablecoin designed for the Eclipse blockchain ecosystem. The funding round saw participation from Bloccelerate, Animoca Ventures, CMS Holdings, and Maelstrom, along with additional contributions from angel investors and venture funds. The protocol is spearheaded by co-founders David Mass and Meir Bank, both of whom bring financial expertise from previous roles at Citibank and AngelDAO.
USDN, Neptune’s flagship stablecoin, will be over-collateralized and soft-pegged to the US Dollar. The funds will support the stablecoin's launch, facilitate security audits to strengthen the protocol, and expand the team. The funding round also included investments from Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, and others, as well as contributions from angel investors such as Meltem Demirors, Kartik Talwar, and Mike Silagadze.
Neptune Protocol has partnered with key projects in the Eclipse ecosystem, including Switchboard, Pyth, Stride, and Solar Dex, to ensure robust integration and functionality. The protocol’s mainnet launch is anticipated in Q4, aiming to establish USDN as a foundational stablecoin for decentralized finance in the Eclipse ecosystem.
About Neptune
Neptune is a decentralized borrowing platform in the Eclipse ecosystem, offering users liquidity against collateral without asset liquidation. Its flagship stablecoin, USDN, is over-collateralized and pegged to the US Dollar. The platform supports Ethereum, Solana, and Celestia ecosystems, focusing on building a governance-free protocol.
Website: https://testnet.neptuneprotocol.xyz/
X: @Neptune_Stable
About Investor
Bloccelerate
Bloccelerate is a blockchain investment fund focused on advancing decentralized finance and blockchain technology. It partners with startups to deliver scalable solutions that drive growth in the blockchain ecosystem.
Location: Seattle, Washington
Website: https://bloccelerate.vc/
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