Linear Finance, a decentralized finance (DeFi) protocol based in Hong Kong, has raised $1.8 million to build and launch a synthetic asset exchange. Leading Linear’s seed round are NGC Ventures, Alameda Research, Hashed and CMS Holdings. Soul Capital, Moonrock Capital and PANONY also participated in the round.
Along with the investments, NGC founding partner Tony Gu and Hashed co-founder Ryan Kim will join Linear’s advisory board.
The Linear team said in a press release that the funds raised will contribute to the development of Linear’s testnet and mainnet, as well as the entire DeFi platform.
Linear Finance has begun integrating with Binance Smart Chain as a second layer solution to address the challenges facing synthetic asset protocols. Additionally, Linear is already working with other DeFi projects and most recently announced a partnership with off-chain data oracle network, Tellor.