Umoja Raises Additional $2 Million, Reaching $4 Million Total in Seed Funding for Smart Money Protocol
Summary:
Umoja, a smart money protocol, has raised an additional $2 million in its seed funding round, taking the total to $4 million. The funds will be used to democratize access to its protocol that offers automated investment strategies. Umoja's decentralized application enables users to create financial instruments and utilize tokenized strategies. The funding round included backing from firms such as Coinbase, Blockchain Founders Fund, and Avalanche's Blizzard Fund. The company aims to help over eight billion people who lack access to wealth creation tools, specifically aiding retail investors to capitalize on Bitcoin's bullish momentum.
Umoja, a smart money protocol, has successfully added $2 million more to its initial seed fundraising, making its total funds raised reach the $4 million mark. The company plans to utilize these funds to broaden the accessibility of its smart money protocol, a system that provides token holders with automated investment strategies, allowing them to self-trade, defend against market fluctuations, and boost yield. Umoja's decentralized application provides users with tokenized strategies, often referred to as "Synths." Users are then able to design financial tools like delta-neutral stablecoins similar to USDe synthetic dollar from Ethena and hedged assets, such as zero-downside Ether (ETH) contracts. The information was provided in a press release shared with Cointelegraph on March 19th.
Umoja's launch is being hailed as the critical intersect of traditional finance and decentralized finance as per the CEO of Umoja, Robby Greenfield, the former head of social impact at Consensys. Greenfield views Umoja as a tool for democratizing wealth creation, making asset management as effortless as simply owning the asset. The seed funding round saw support from leading cryptocurrency companies such as Coinbase, 500 Global, Quantstamp, Blockchain Founders Fund, Orange DAO, Hyperithm, Psalion, and the Blizzard Fund by Avalanche.
With this additional funding, Umoja plans to address the ongoing “ROI Paywall” issue that restricts over eight billion people from accessing wealth creation tools. Despite the $7.2 trillion market share retail investors hold, they often lack access to data-driven, digital investment strategies, and are overshadowed by institutional investors. Umoja's announcement went on to say that the smart money protocol intends to help retail investors take advantage of the bullish momentum of Bitcoin (BTC). This announcement came 31 days before the much-anticipated halving event of Bitcoin, an event that has seen a surging interest in Bitcoin investment.
Bitcoin reached a record high, crossing the $71,000 mark on March 11, only three days after Ether passed the $4,000 mark for the first time since December 2021. While Bitcoin’s price trajectory remains bullish, analysts predict a possible correction before the halving event, which is a predictable occurrence in the crypto world. Similarly, in 2020 there was a 20% pre-halving correction, and in 2016, it was a 38% retracement.
In related news, stimulating the investor interest, Grayscale has registered for a new smaller version of the Grayscale Bitcoin Trust exchange-traded fund on March 11, the same day when Bitcoin hit a new record high. In a concurrent move, CoinShares has acquired the ETF business of Valkyrie.
Published At
3/19/2024 5:00:00 PM
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