DeFi Alliance and investing in Balancer, 1inch + 3 more

Pantera Blockchain Blog, November 2020

Franklin Bi
Director of Platform

Welcome to the November 2020 edition of the Pantera Blockchain Blog!

Catch up with the Pantera community regularly as we share news announcements, job openings, industry trends, and interesting reads from the Pantera portfolio and the broader industry:

Building in crypto is hard. It comes with the typical challenges of early company-building — recruiting, building, marketing, etc. And it also includes challenges unique to crypto, including but not limited to: new or changing tech stacks, open-source ecosystems, node infrastructure, decentralized communities, token design.

For those building open financial protocols or products, i.e., “Decentralized Finance” (DeFi), there’s yet another level of DeFi-specific complexity. Imagine going from zero to one as an early-stage team, while navigating global financial regulations and bootstrapping capital markets from scratch.

The Chicago DeFi Alliance is a nonprofit organization focused on these DeFi-specific challenges by providing support and mentorship to DeFi startups, particularly around liquidity, capital, regulation, and go-to-market strategies. Members include CMT Digital, DRW Cumberland, Jump Capital, Compound Finance, Volt Capital, Kyber Network, Aave, Framework Ventures, and many others.

We’re proud to officially be a part of the DeFi Alliance. Our team is thrilled to provide support and guidance to entrepreneurs and teams building out an open and decentralized future for today’s financial system. The group’s Accelerate DeFi program is an eight-week accelerator with DeFi founders, investors, legal experts, and some of the largest trading firms in the world. Several of our portfolio companies have participated recently, including 0x, Kyber Network, Vega Protocol, and Acala Network. Cohort #3 is now open for applications — if you’re a DeFi builder, apply here.

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PORTFOLIO NEWS

NEW INVESTMENTS

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  • 1inch raises $12MM funding round led by Pantera Capital, with ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, gumi Cryptos, Blockchain Capital and angel investors Josh Hannah, Kain Warwick and Alexander Pack. 1inch is a decentralized exchange (DEX) aggregator, designed to be the one-stop platform for traders to access DEX liquidity and execute the most cost-efficient trade. Read more about why we invested in 1inch.
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  • DODO raises $5MM in a private sale round led jointly by Pantera Capital, Three Arrows Capital, and Binance Labs, followed by Coinbase Ventures and Galaxy Digital. DODO is an on-chain liquidity protocol powered by their Proactive Market Maker algorithm, which provides an advanced pricing formula that enables contract-fillable liquidity.
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  • API3 raises a $3MM seed round led by Placeholder, accompanied by Pantera Capital, Accomplice, CoinFund, Digital Currency Group, and Hashed. API3 provides secure, decentralized APIs for Web 3.0.
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  • Globe closes a $3MM seed round led by Pantera Capital with Y Combinator, Draper Dragon Fund, and others. Globe is gearing up to launch a crypto derivatives exchange to serve institutional customers, offering perpetual futures for Bitcoin, Ether, Bitcoin volatility indices, and DeFi.
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PRODUCT LAUNCHES

  • Offchain Labs demonstrates Uniswap on Layer 2 Arbitrum Rollups with 55x scalability improvement.
  • Filecoin mainnet goes live!
  • Staked supports the launch of the ETH2 deposit contract. Learn more here

IN THE NEWS

  • Braintrust CEO, Adam Jackson, discusses CA Prop 22, the gig economy, and COVID-19 on Yahoo Finance
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FREE TIME

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JOB HIGHLIGHTS

Interested in joining the blockchain / crypto industry? Our Jobs Board features 400+ openings across product, engineering, finance, marketing, and other functions within Pantera companies.

Visit the Pantera Jobs Board and apply directly or submit an application for our Talent Network to join our candidate database if you’re open to hiring conversations with our companies or interested in requesting introductions.

Here’s a sample of open roles in our portfolio right now:

Data Scientist @ Braintrust (Remote)
Frontend Developer — Bridges @ Polkadot (Berlin)
Partnerships Lead @ Wyre (San Francisco / Remote)
Community Manager @ Staked (Remote)
People Operations @ Filecoin (Remote)
Ethereum / Chromium Engineer @ Brave (Remote)

If you or someone you know might be a fit, please reach out!

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FREE TIME

A list of what we’ve been reading and consuming recently:

🎵 The Institutional Case for Bitcoin with Dan Morehead and Mike Novogratz
💸 What PayPal Means For Crypto — Paul Veradittakit, Pantera Capital
🔨 US OCC to prohibit banks’ discrimination against crypto companies
📉 Dai price increase leads to big liquidations on Compound
✏️ Governance MinimizationFred Ehrsam and Dan Robinson
📋 The DeFi StackMulticoin Capital

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About Us

Pantera Capital is the first institutional investment firm focused exclusively on bitcoin, other digital currencies, and companies in the blockchain tech ecosystem. Pantera launched the first cryptocurrency fund in the United States when bitcoin was at $65/BTC in 2013 and subsequently the first exclusively-blockchain venture fund and pre-auction token fund. Pantera recently concluded raising our third venture fund and currently manage seven funds in three product groups — passive, hedge, and venture.

If you’re interested in partnering with us for investment, please reach out to ir@panteracapital.com for more information.

The investment firm focused exclusively on blockchain tech & cryptocurrency. Subscribe to receive our newsletter: http://info.panteracapital.com/subscribe

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