Impossible Finance is the most recent DeFi protocol to enjoy backing from venture capitalists as it has plans to create a multi-chain incubator project.
The protocol confirmed yesterday that it had raised $7 million from 125 institutional and angel investors which included True Ventures, Alameda Research, Hashed, and CMS Holdings. Other names on the list were Bitscale, Coin98, Primitive, Lemniscap, IOSG, Incuba Alpha, Ternary Capital, Sino Global Capital, and Maple Leaf Capital.
The announcement also mentioned that the funding would redefine “launching” for the planned Impossible Decentralized Incubator Access (IDIA) token.
The plan of Impossible Finance is to create a multi-chain ecosystem that promotes the growth of DeFi liquidity and composability on the Binance Smart Chain. The platform would also offer support for other Ethereum Virtual Machine blockchains, like Polygon or Ethereum.
Indeed, most of the plan seems to be quite similar to what Binance is already offering but with one notable difference – the protocol is decentralized, while Binance isn’t.
“The project has been launched by DeFi veterans and avid hackathon participants, including Calvin Chu, formerly of Binance Research,” reads the announcement.
“The ‘livepaper’ garnered over 400 edits from the top builders and investors in this space, and the Impossible community can’t wait to provide the same type of support to the projects that launch through the Impossible incubator,” declared Calvin Chu, CEO and founder of Monogram.