The market for decentralized finance is rapidly growing. DeFi is becoming more appealing to institutional investors, with over $155 billion in total value locked in.
Evrynet, a financial services platform, has completed a $7 million fundraiser for its upcoming decentralized finance app, which is aimed at institutional investors, demonstrating that DeFi has an institutional audience.
Signum Capital, a Singapore-based blockchain venture fund, led the private investment round, which included Petrock Capital, Ellipti Ventures, and others. HashKey Capital, Everest Ventures, Hanwha Investments and Securities, and Seven Bank are among Evrynet’s previous backers.
Through its upcoming Evry.Finance application, which will serve as an exchange, liquidity pool, and staking platform, the funds will help Evrynet provide institutional-grade DeFi services to investors. In addition, the company is building infrastructure to connect decentralized and real-world assets. The infrastructure of Evrynet is compatible with ERC-20 and BEP-20 tokens.
Due to high-yielding opportunities in the crypto lending, staking, and liquidity mining markets, DeFi adoption continues to grow among retail investors. While institutional investors are accumulating crypto assets such as Bitcoin (BTC) and Ether (ETH), they are treading carefully when it comes to DeFi.
Crypto-focused hedge funds, as one might expect, have been much quicker to embrace DeFi. According to a recent survey conducted by PwC, 31% of crypto hedge funds use decentralized exchanges. These firms’ fund managers remain bullish on cryptocurrency’s prospects, with many predicting a $100,000 Bitcoin price by the end of 2021.
Grayscale and Bitwise, both in the crypto space, have already made a name for themselves in DeFi. Meanwhile, VanEck, a financial services firm, predicts that DeFi will take a larger share of the non-Bitcoin blockchain market in the future. As more users opt for the efficiencies and yield potential of decentralized protocols, DeFi disruption will be felt in the traditional banking sector.