Bitcoin Cash DeFi Startup General Protocols Raises $1M In Seed Round

The General Protocols startup is developing its DeFi vision on Bitcoin Cash after raising more than $1 million in a seed funding round. The funding will allow the Singapore-based General Protocols team to develop their flagship product AnyHedge on Bitcoin Cash.

Anyhedge is an open source derivatives tool that exchanges and OTC desks can embed allowing them to create new markets with smart contracts.


BCH DeFi Startup General Protocols Raises Over $1 milhttps://t.co/XGG1x5aUjL — General Protocols (@GeneralProtocol) May 7, 2020

The funding came from investors such as:

  1. Cryptocurrency trader- Marc De Mesel

  2. BCH ‘thought leader’- Molecular

The team includes two former Bitcoin.com employees and individuals who helped build the voluntary BCH Cash fundraising project Flipstarter.cash. 

The President of General Protocols said:

“We are delighted that aligned investors are supporting us in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic cash here at General Protocols.”

DeFi on Bitcoin Cash faces an uphill battle due to the network effects of Ethereum based projects.

According to defiprime.com, of the 213 DeFi projects listed, 199 are built on Ethereum, with roughly 10% being supported by other platforms such as Bitcoin (BTC), EOS (EOS) or Tron (TRX).

Source: Cointelegraph | Image: Pexels

#bch #defi #bitcoincash #anyhedge #Generalprotocols #ethereum

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