Crypto prime brokerage August raises $10 million in round led by Dragonfly Ventures

Defi, a financial system from counterpart to counterparts that use Blockchain technology, is among the fastest growing sectors in the encryption industry. It includes prediction markets such as polymarket, NFTS such as TROMP digital trading cards and Stablecoins, a type of encryption designed to volatility in line with Fiat coin such as the US dollar.

August, a major company and control that focuses on encryption, is seeking to facilitate investors access to all types of Defi, short for decentralized financing, through one platform. The company raised $ 10 million in a series A, led by Dragonfly Ventures. Among the other investors in the SCB Limited, 6th Man Ventures and Foresight Ventures. August evaluation was not revealed in the financing round.

August works with large financial institutions, such as hedge funds and family offices that are looking for returns and returns on their investments from encryption, through lending, borrowing and trading. Aya Kanurovich told August, luck The company’s goal is to be the first place, the founding investors go.

While August works with 70 DEFI protocols – groups of smart rules and contracts that help traders make transactions without a central entity such as the bank – and 13 Blockchain, Kantorovich wants to get rid of confusion that comes with any one to use. “When you think about institutions, you want to get rid of this idea or strip all of the chains and protocols. You just want to get one place.”

August seeks to connect customers to Defi networks that offer Crypto and provide derivative trading and distinctive symbol, including AAVE, Morpho and UISWAP. It also aims to help customers monitor all their positions on one information panel.

This makes Kantorovich an intermediary of some kind. However, she says that since August has access to customer jobs, the company can allow customers to pay for their loans and derivative positions and circulate them once instead of placing money for each individual position.

August produces most of its revenues through trading differences – the money made the difference between the price that is purchased from the distinctive symbol and the price that is sold at it – and also receives its customer trading fees for each transaction. Kantorovich refused to reveal the company’s annual revenue.

August is not the only main mediation that focuses on encryption. Coinbase has a section that meets the needs of adult institutional customers known as Coinbase Prime. Falconx is another medium known in space.

August will use the money from the latest donation to build its marketing strategy, employ more employees, and continue to develop new technology. The company previously raised $ 6 million in a seed tour in 2023.

This story was originally shown on Fortune.com