Several venture capital firms, including Arrington Capital and Pantera Capital, have collectively raised over $5.8 million towards Unbound Finance specifically to support its development of the Unbound Dollar (UND), which is currently advertised as something that could exist simultaneously on various blockchains. As per the firm’s announcement this past Wednesday, this also includes establishing dedicated bridges to be utilized for instantaneous transfers between other synthetic assets and UNB stablecoin.
UND is based on liquidity pool tokens that are predominant nowadays, which investors receive by trading in liquidity on automated market makers, or AMMs, such as DeFi’s PancakeSwap and Uniswap. The tokens they then receive can be utilized to take out massive loans in fiat or perhaps as a tokenized receipt of their involvement with the particular pool. As per the press statement of Unbound, the collateralization platform that has no liquidation enables users to loan interest-free loans against liquidity pool tokens as collateral – reminiscent of MakerDAO’s stablecoin, DAI.
CEO of Pantera Capital, Dan Morehead, has positive things to say to Unbound following his firm’s massive investment towards it. According to Morehead, Unbound possesses excellent potential to be a pioneering entity within DeFi through its unmatched focus on liquidity pool tokens. He adds that Pantera feels delighted and overall excited to aid Unbound and their teams in developing crucial tools that can unveil the maximum potential of the DeFi space.
Tarun Jaswani, CEO of Unbound, states that the firm’s native stablecoin and protocol are already integrated within 12 different AMMs.