Umee, a DeFi protocol that offers users interoperable tools, has raised another $32 million.
Umee managed to raise another $32 million in a sale on crypto asset trading platform Coinlist. The project received an investment of $6.3 million from investors such as Polychain and Coinbase last June.
CEO Brent Xu shared that the team plans to use this newly raised fund to expand the engineering team. To increase the interoperability of the cross-chain hub, Umee strives to create teams of 6-8 engineers, including systems engineers, cryptography engineers, and product managers, for each blockchain it connects to. The project hopes to connect five to eight networks by the end of next year.
Umee’s sale was the most registered sale in CoinList sale history with more than 900,000 records and sold out within an hour. As a result of the sale, another 64,000 token holders were added to the Umee blockchain.
The project is establishing a “cross-chain DeFi hub” that provides a set of interoperable tools for DeFi users that work across a variety of chains and venues. Umee’s mainnet launch is scheduled for mid-February 2022, with a beta web app expected in the coming days.
