InstaDApp, a decentralized finance (DeFi) portal created by a team in India, yesterday announced it raised $2.4 million in a seed funding round. Investors included Coinbase Ventures, AngelList CEO Naval Ravikant, and Coinbase’s ex-CTO, Balaji Srinivasan.
DeFi is a fast-growing industry right now, but InstaDApp claims that the space isn’t very accessible to new users. Crypto high finance, wrote Sowmay Jain, the founder of InstaDApp, necessitates “multiple transactions across different protocols, requiring users to understand the deeper financial and technical workings of each of them.”
InstaDApp thinks it can fill this gap.
InstaDApp is a banking portal that combines other Ethereum-based DeFi protocols. It makes it easier for users to lend, borrow, swap, manage, and leverage their assets using DeFi platforms such as MakerDAO, Compound, and Uniswap.
“We have created a mediator smart wallet layer between the user interface and protocols, which greatly simplifies the effort and cost of performing complex financial transactions,” wrote Jain. Essentially, it provides an easier way into the complex world of DeFi.
InstaDApp is already starting to take off. The decentralized application (dapp) holds over $35 million in its smart contracts. According to DeFi Pulse, a DeFi ranking site, that places InstaDApp in fourth place behind MakerDAO, Compound, and Synthetix. But considering that it provides general access to DeFi, its measure of success won’t be its market dominance, but how much the industry grows as a whole.