Quasar has raised $5.4m in a bridge round at a $70 million valuation, according to a note from the firm.
The funding round was led by Shima Capital alongside returning investors Polychain Capital, Blockchain Capital, HASH CIB, and Osmosis founder Sunny Aggarwal.
New investors include Anagram and participants in the Cosmos ecosystem, such as Cosmostation, Keplr, and Everstake.
Alex Lin, of Shima Capital, said that Quasar is an irreplaceable part of Cosmos and critical to unlocking DeFi.
“Quasar not only solves the ecosystem’s fragmented capital shortcomings but also provides cutting-edge, secure vault mechanisms for a diverse user base. Valentin and his team fundamentally redefine on-chain asset management and establishes itself as a strong precedent for the next generation of Interchain DeFi applications.”
Quasar reports that it has now raised over $11.5 million for the development of its interchain decentralized asset management (DAM) protocol, which is powered by Inter Blockchain Communication (IBC) enabled smart contracts and a dedicated Cosmos appchain.
Valentin Pletnev, CEO and co-founder of Quasar Finance, said that securing the funding given the challenging environment is a sign of confidence in what they are doing.
“With this fresh capital, a new lineup of supporters and simultaneously scaling our team to 12 members, we could not be more ready for this #builderseason.“
Quasar states that soon anyone will be able to create vaults and activate strategies capable of using automation to deploy assets across multiple blockchains. An automatically rebalancing index of the Cosmos ecosystem, capable of staking included assets, will be one of Quasar’s earliest offerings.
After months of privately testing, Quasar will open Questnet to the public on February 1, described as a critical milestone for Quasar.
Quasar will also launch a new website (today) reflecting what has been accomplished to date.
Quasar Finance aims to make digital asset management simple, accessible, and secure. It is a platform designed to allow users to easily create and join Vaults- independent asset containers equipped with IBC technology enabling interchain value capture in the Cosmos ecosystem and beyond.