Instadapp said on Friday that it had completed a funding round of $10 million that was spearheaded by Standard Crypto, and included the likes of Andre Cronje, who founded Yearn.Finance, which is a cryptocurrency investing business.
Instadapp has an important link to decentralized finance, because it closes the gap between a number of different projects by developing a ‘middleware’ layer that lets software developers come up with applications that can connect between cryptocurrency payment gateways and decentralized finance protocols.
This is not the first time that the company has fundraised. In 2019 they came up with $2.4 million from the likes of Coinbase Ventures, among other investors. There have been many funding rounds in this arena lately, despite the fact that the crypto market isn’t doing as well as it was.
Instadapp is going to use the funds to continue developing its middleware software.