TL;DR: General Protocols announced a seed funding round of more than $1 million raised to further their decentralized finance (DeFi) work. The team is comprised of members instrumental in projects like Flipstarter and Bitcoin Cash Node (BCHN), and hopes to now “grow its Bitcoin Cash smart contract derivative product AnyHedge, scale its engineering teams and expand its operations globally.”
Bitcoin Cash DeFi Team Raises More Than $1 Million
The General Protocols team is up to more than a half dozen, including President John Nieri (known online as emergent_reasons) and Lead Developer Jonathan Silverblood (Cash ID and Cash Accounts). Its recent seed round enabled the startup to formally onboard noted developer Rosco Kalis (Pandacash, CashScript) and business development veteran Marcel Chuo (Bitcoin.com News), the announcement stressed.
AnyHedge “is to be Bitcoin Cash native, a ‘trustless stability solution’ to address ‘a volatility problem that holds back adoption,'” CoinSpice summarized last month. “The plan appears to be something called a ‘synthetic derivative’ contract to lessen price fluctuations by way hedging, shorting, and use of an oracle (which they admit involves a bit of trust). Only the first two employ BCH coins proper, and the three in combination act ‘much like a subset of traditional futures and forward contracts,’ with the hedge pegging to an ‘external asset’ as the short, of course, ‘amplifies the risk and reward.'”
DeFi has simply overtaken much of the cryptocurrency world’s discussion, and while the Bitcoin Cash community is hyper-focused on peer-to-peer electronic cash, the phenomenon is gaining traction among BCH enthusiasts. Much of the development work from 2019, by the likes of Kalis and others for example, surrounded enabling smart contract utility within a BCH context. AnyHedge would be a first for the Bitcoin Cash ecosystem, an exciting prospect for investors.
“The funding came from a variety of investors,” General Protocols explained, “which include legendary cryptocurrency trader Marc De Mesel and BCH thought leader Molecular.” De Mesel has become well-known of late due to pledging on the Nieri-inspired Flipstarter platform, putting node projects like BCHN over the top in their respective fundraising goals.
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