- OpenTrade is secured using time-tested legal structures guaranteeing off-chain protection
- Flagship products include liquidity pools for US Treasury Bills
OpenTrade, a new platform giving users access to liquid-asset-backed, structured financial products, raised an oversubscribed funding round led by Sino Global Capital with participation from Circle Ventures, Polygon, Kronos, and other leading Web3 organizations. The funds will be used to scale operations, Bankless Times learned from a press release.
The platform is secured using time-tested legal structures that guarantee investors’ off-chain protection while allowing them to keep operating entirely on-chain.
Initial products include US Treasury Bills pools
The platform's flagship products will include investment-grade supply chain finance and commercial paper as well as liquidity pools for US Treasury Bills. The products integrate USDC payments and financing directly in B2B networks to give companies of all sizes access to online, on-demand financing from a global network of non-bank liquidity providers.
Founders have experience across TradFi, stablecoins, Web3
OpenTrade was founded this year by a team of experts including Tom Niermann, formerly of Google and Meta, and Michael Harte, former COO/CIO at Barclays and Santander. The team’s collective expertise spans stablecoins, Web3, and traditional finance.
DeFi protocol runs on Circle, Polygon, Ethereum
OpenTrade's DeFi protocol runs on Ethereum and Polygon and was developed on Circle's payments infrastructure. It was established on widely accepted tech infrastructure and open-source standards that have supported blockchain transactions worth trillions.
The use of the stablecoin USDC, which is composable and programmable, reduces risk, costs, and complexity for borrowers and investors throughout the whole transaction lifecycle.
Ian Wittkopp, Head of Investment at Sino, said:
Thrilled to back the OpenTrade team as they build the necessary infrastructure to bring real-world financial assets onto the blockchain. In the next decade, we expect that a majority of assets will be brought onto public blockchains. OpenTrade is leading this paradigm shift and we look forward to being day one customers.
Wyatt Lonergan, Head of Circle Ventures added:
OpenTrade is a team that has identified real use cases where the utility value of USDC and DeFi can drive broader usage of these technologies across global supply chains and finance providers. We are excited to invest in OpenTrade as they help unlock the utility value of USDC in structured and supply chain finance.
Contributors
