IDG backs emerging DeFi project Shorter Finance with $4M investment

Product offerings, contractual capacity, and bidirectional interoperability are all part of Shorter Finance.

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Shorter Finance, a decentralized crypto infrastructure working on multiple blockchains at once, has raised $4 million in a round led by IDG Capital, with participation from Circle Ventures, Hedgue Fund, Halls Investment, NFV and others.

The money raised will be used for product development and market penetration, including but not limited to the continuous innovation of the team and featuring the product with more advanced and proactive functionalities.

IPI Labs, the founding team behind Shorter Finance has long been courting attention from VCs eager to support a talented player in the DeFi boom, though this startup has not previously raised funding. It builds this unprecedented infrastructure to bring margin trading and real-time physical delivery to the land of decentralized derivatives trading. Consequently, users could short diversified tokens with the capability to fill orders 100% on-chain.

Since Shorter Finance is EVM-compatible, users of Ethereum, BNB Chain and other EVM-compatible chains will be able to interact with Shorter using familiar tools like MetaMask.

The IPI team comprises analysts, developers, and crypto experts and stands at over 80 at present. "The team is expected to grow to over 150 by the end of this year and potentially as large as 200 by 2023, it wouldn't take a long time to play out for Shorter", co-founder Brady claimed. He believes that long-term engagement in a nascent infrastructure will present enormous value when the needs of professional traders are met.

Over time, IPI Labs is increasingly doubling down on its position. Earlier this year, this startup announced it has already started cooperation with some exchanges and wallets. Shorter Finance will be launching its testnet this spring with a mainnet launch shortly thereafter.



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