C3 Protocol completes $3.5 mil USD seed round raise
Algorand-based cross-chain bridge C3 Protocol has this week completed a $3.6 mil USD seed round with investment secured with Arrington Capital, Jump Capital, Golden Tree Asset Management, Cumberland, ParaFi Capital, Mechanism Capital, Borderless Capital, Node Capital, and Digital Currency Group (the parent company of CoinDesk).
C3 focuses on creating a new layer for using collateral and margin across different blockchains, starting out by connecting collateral management between Algorand and Ethereum, with a view to do the same with Algorand and Solana.
“The way Ethereum DeFi was built, every team tackled a separate vertical such as lending and borrowing, perpetuals, or DEXs,” said C3 founder Michel Dahdah.
“But having all these different financial products isolated in terms of how they manage collateral makes it impossible for them to cross margin, meaning the collateral you’re using to borrow money for shorting, for example, can’t be used to also open a long position in a perpetual financial product.”