India based DeFi site InstaDApp Raises $2.4 Million

India based InstaDApp raised $2.4 Million to build its smart wallet.

Users will now be able to easily execute advanced transactions through the company’s InstaDApp decentralized finance (DeFi) portal.

The company wants to be a window into multiple DeFi services so that assets can be easily moved between them.

The funding round was led by Pantera Capital, with prominent investors including Naval Ravikant, Balaji Srinivasan, Coinbase Ventures, IDEO Colab, Robot Ventures and Kyber Network’s Loi Luu.

“For InstaDApp, we focused on building up a layer that acts as the mediator between the user interface and underlying protocols. This layer, consisting of our smart wallet, bridges contracts and reserve pools, [and] abstracts away lots of complexities.” Sowmay Jain, InstaDApp co-founder

According to DeFi Pulse, InstaDApp is the fourth-largest dapp in DeFi with $30.8 million worth of assets locked in its smart contracts (up from only $4.2 million in early July).

India and Decentralization

InstaDApp is a very talented team out of India looking to make decentralized finance more accessible. Balaji Srinivasan, one of the investors for InstaDApp

India is actually our second-biggest source traffic after America,” despite the fact that the country’s central bank has restricted financial institutions from facilitating crypto transactions, Sowmay adds “The movement might be slowed down, but it cannot be stopped.”

Source: Coindesk.com

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