Cosmos-based DeFi Protocol Quasar Closes $5.4M Funding Round Led by Shima Capital

Quasar, a Cosmos-based DeFi protocol, closed a $5.4 million round of funding at a $70 million valuation led by Shima Capital with participation from Polychain Capital, Blockchain Capital, HASH Capital, CIB and others. The funds raised will be used for product development and scaling the team.

Quasar Finance, a decentralized asset management protocol using the IBC technology released by the Cosmos blockchain ecosystem, which allows users to create and join vaults, or independent asset containers capable of connecting tokens and data transfers between chains. Quasar will open its public testnet on February 10.

Previously, Quasar Finance closed a $6 million funding round in July 2022 with participation from Polychain Capital, Blockchain Capital, Figment Capital and others.