Nova Finance, a Solana-based decentralized finance (DeFi) protocol, has announced the completion of a $3 million funding round with participation from Rarestone Capital, Solana Capital, Sky Vision Capital, Animoca Brands, Morningstar Ventures, Lian Group, 3Commas, DFG, Spark Digital Capital, Jsquare, Genblock Capital, Mirana, Stacker Ventures, Ascendex, Solanium, Citizen X and others.
Nova is a programmable asset framework that allows people to access DeFi without having to learn complex financial management skills. With the product, users can create a portfolio of assets to automatically generate returns through yield strategies, all while executing investment strategies such as dollar-cost averaging, take-profit calls and much more.
This new type of synthetic asset allows cryptocurrency experts to program assets to follow complex investment strategies and create portfolios in which less experienced users can follow and invest.
Tom Sichel, a core contributor to the Nova Finance Protocol, says, “We set out to work with investors that could contribute significant value through their capital, knowledge and networks. I’m excited to say we succeeded in this, it’s, without doubt, that Nova has a diverse and experienced group of investors. Their support will drive the adoption and utility of Nova’s programmable asset framework.”
Adam Greenberg, another core contributor to the Nova Finance Protocol, says, “This funding enables us to expand our team and increase the functionality of our programmable asset framework. In particular, it allows us to focus further on collaboration and integration with other DeFi protocols within the Solana Ecosystem and beyond.”
Charles Read, co-founder of Rarestone Capital further added, “Rarestone is delighted to have been incubating Nova Finance from its early stages. It has been a privilege to work alongside the founders with everything from product architecture, token engineering, system design, go-to-market and marketing. All in all, we believe that Nova’s novel and simplistic approach to portfolio management and crypto-asset investment will serve to attract a new breed of users, positively impacting this new and emerging asset class as a whole.”
The Solana Hackathon winners will be executing an initial DEX offering (IDO) in early Q4 to bring its governance token to market. Shortly after, the Nova Finance Protocol will be launched on the Solana mainnet. Nova governance tokens will allow users to vote and prioritize portfolios for different investment audiences and receive rewards for doing so. More details will soon follow.
Project Overview: https://medium.com/novafinancedefi/introducing-nova-finance-5284f117460d
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Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.