AlbionVC leads $4 million seed extension round for stablecoin yield products firm OpenTrade

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The Block2024/11/24 16:00

By:The Block

Quick Take a16z Crypto and CMCC Global also participated in OpenTrade’s seed extension. OpenTrade previously raised $3.2 million in seed funding in April of this year.

AlbionVC leads $4 million seed extension round for stablecoin yield products firm OpenTrade image 0

OpenTrade, a stablecoin yield products firm, has raised $4 million in a seed extension round. AlbionVC led the funding, with additional participation from a16z Crypto and CMCC Global, according to a statement shared with The Block on Monday.

Built on Circle, OpenTrade lets asset managers create yield-bearing onchain lending products.

"This funding allows us to continue on our growth trajectory, building products for some of the biggest and most important leaders in the space," said OpenTrade CEO David Sutter in the statement.

In April, OpenTrade raised $3.2 million in seed funding from a16z's crypto startup accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs and Plassa Capital to amass $4.45 million in total funding at the time, The Block previously reported .

The daily market capitalization from real-world asset (RWA) products reached nearly $4 billion on Nov. 24, The Block's Data Dashboard shows.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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