London, Dec. 16, 2021 — Hubble Protocol, a decentralized finance (DeFi) and stablecoin project referred to as a supercharged “MakerDAO of Solana,” has announced $3.6 million raised in a pre-initial DEX offering (IDO) seed round of fundraising.
This seed round will support the continued development of Hubble’s zero-interest DeFi borrowing platform and the minting of its Solana-native stablecoin, USDH. It will also enable Hubble to build momentum toward the IDO of Hubble’s HBB token set for mid-January next year.
Some of the biggest names in crypto have supported the round, including Delphi Digital, Jump Capital, CMS, Spartan, Mechanism Capital, Three Arrows Capital, DeFiance Capital, DeFi Alliance, Decentral Park Capital and Digital Strategies.
According to Qiao Wang, a partner at DeFi Alliance, Hubble Protocol is backed by some exceptional people. Wang said, “Marius Ciubotariu and Thomas are two of the best founders we have supported. Most first-time founders tend to be focused on product, some on distribution, but Marius and Thomas care the most about team building.”
Wang continued, “Marius and Thomas also understand that the most challenging part of building a stablecoin is not the algorithm itself but integrations and utility, and they know that the only way to achieve this is through non-stop grinding. All in all, they are long-term thinkers. They are special.”
Adding to this praise, Yan Liberman, co-founder of Delphi Digital, said, “We are very excited to be investors in Hubble. Delphi continues to be a supporter of the DeFi ecosystem and its potential for impact across every vertical within finance. One of the many exciting ecosystems for DeFi innovation is Solana, and accordingly, the developer activity there has boomed over the last year. The team behind Hubble is world-class, and we are thrilled to work alongside them to build DeFi primitives, from borrowing to structured products and beyond.”
DeFiance Capital stated, “We are very excited to back Hubble as they build what we think will be one of the more important Solana stablecoins to come. Hubble’s unique borrowing and minting engine in itself is an exciting innovation, and we are thrilled to be part of the journey.”
About Hubble Protocol
Hubble Protocol has three initial phases of development as the project works to expand the number of DeFi 2.0 services on Solana. Hubble’s first phase centers on zero-interest multi-asset borrowing and the minting of USDH, a Solana-native, 100% decentralized crypto-backed stablecoin. Phase 2 focuses on structured products, and Phase 3 is focused on undercollateralized lending.
Project team leader Marius Ciubotariu gained extensive experience programming fintech products with Bloomberg LP’s London office for eight years. Hubble Protocol will follow a roadmap dedicated to becoming a decentralized autonomous organization as the protocol leaves no stone unturned to explore the future of DeFi on the world’s fastest blockchain, Solana.