Quick Take
- Krystal has raised US$6.6 million in a seed funding round led by Hashed.
- Krystal announced that it will use the funds raised in the seed funding round to expand its team and accelerate product planning by strengthening research and development efforts.
Multi-chain DeFi (decentralized finance) platform Krystal has raised US$6.6 million in a seed funding round led by Hashed.
The seed funding round also witnessed participation from Crypto.com, Signum Capital, BlockTower, HyperChain, Arrington Capital, LD Capital, DeFi Alliance, ArkStream Capital, Coin98, and a few angel investors.
Krystal announced that it will use the funds raised in the seed funding round to expand its team and accelerate product planning by strengthening research and development efforts.
Amongst its immediate priorities, Krystal is working to include NFTs, add staking support, and integrating more blockchains.
“Krystal aims to be THE go-to platform for everyday users to interact with DeFi. By integrating multiple protocols on our simple and intuitive platform, users no longer have to navigate between multiple tabs and complex UX,” stated Krystal CEO Sunny Jain on Krystal’s vision. “This simplified DeFi experience reduces fragmentation and saves users time, money and effort.”
Krystal has already integrated popular decentralized exchange (DEX) protocols such as KyberDMM, Uniswap (V2 & V3), SushiSwap, PancakeSwap (V1 & V2) and QuickSwap to provide convenient trading access to over 40,000 tokens for its thousands of users.
Initially incubated at Kyber Network, Krystal was launched in April of this year. It currently serves around 8,000 to 9,000 users from around 87 countries. Its most popular markets are the Philippines, India, Vietnam, Indonesia, the U.S., and Nigeria.
Simon Kim (CEO & Managing Partner, Hashed, said:
“In the short span since Krystal’s launch, the seamless aggregation of multiple DeFi services, such as token swaps, earning interest and portfolio management, has already proven to be a great asset for new DeFi users and veterans alike. We’re excited to see what new product developments they will deliver to improve usability on various blockchains.”
“Krystal aims to remain non-custodial to make innovative & transparent financial services more accessible globally. Users will always retain control over their funds and private keys,” the company stated.
