Archimedes Raises $4.9M Seed Round for Innovative New DeFi Platform
In the depths of crypto winter, Archimedes finds itself optimistic and warmed by round after round of what can only be described as fire capital raises!
Archimedes, is an innovative new lending and borrowing marketplace built to ease the process of on-ramping to DeFi while helping scale decentralized exchanges (DEXs). The Archimedes team has raised a total of $7.3M pre-launch fundraising from some of DeFi’s most prominent VCs.
Archimedes Fundraising Update
With launch just around the corner we’re happy to share that we have concluded our seed funding round, led by Hack VC. The round totalled $4.9M of fundraise from various backers!
The current round is following a pre-seed funding round, which raised a balming $2.4M!
It’s heat in a crypto winter, but capital isn’t the only thing Archimedes is raising in a bear market. Archimedes is also raising the bar by building an unforked, one-of-a-kind lending and borrowing marketplace that utilizes NFTs. Instead of a bunch of tokens, leverage takers that use Archimedes have an NFT which represents a 10x leveraged yield position of their collateral deposit sent to their wallet.
The mission of Archimedes is to help make capital efficient DeFi opportunities more accessible, and to become the go-to place for technical and non-technical users seeking high quality leverage.
To accomplish this mission we rely heavily on some of DeFi’s core components: interoperability and transparency. Archimedes is open source and proud to “build in public”. On top of that, Archimedes only uses what our core team considers to be blue chip tokens that have proven themselves.
This last year has been a seemingly constant stream of crypto related debacles from CeFi companies trying to offer investors DeFi returns without any transparency into their assets management. After the recent FTX liquidity crisis, the mainstream is becoming more and more aware of the benefits of DeFi vs CeFi.
The father of leverage, Archimedes, is regarded as one of the greatest thinkers and innovators in history. The man that made the phrase “Eureka!” famous.
In DeFi, Archimedes has yet to launch a first invention. Investors outside of crypto and those that only dabble in NFT markets and centralized exchanges have largely yet to have their first DeFi inspired Eureka moment. Thanks to Archimedes, that time is coming for all investors. Using an innovative mix of NFTs and DeFi, Archimedes is aiming to give investors that moment of Eureka, thanks to a design that’s focused on being both practical and accessible.
With any luck, months after launch when the dust has settled, one might be hard pressed to find a skeptic that still claims to not understand the value of DeFi after being introduced to Archimedes.
Now, like our CTO and co-founder said: “Launch is for building, not for hibernation”. With no further adue, we’re back to building and soon announcing more exciting news about Archimedes.
Archimedes is an experimental protocol and carries significant risks: Smart contract risk, economic model risk, risk that the assets Archimedes introduces and many other types of known and unknown risks. Archimedes’ team never provides investment advice. This article is NOT financial advice. DYOR. Participate at your own risk.