Omphalos, a famous blockchain technology company that plans on building an elastic digital asset protocol for the global decentralized financial system has just raised over $2 million in seed and private sale backed by Altar Fund, Quan Capital, RedMars and ChainStrategy. Omphalos received an overwhelming interest in the seed round and have been significantly over-subscribed, showing that investors have turned to stable DeFi protocols, particularly those offer less volatility and cross-chain solutions.
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The seed funds will be used to develop a stable multichain DeFi (decentralized finance) product reminiscent of Polkadot network offering, that allows stable digital asset and encrypted messages to be validated and securely transacted in multiple decentralized financial ecosystems. The raise will also bolster its grant program, Omphalos Grant, which will help developers to access and build innovative applications via the Omphalos protocol.
Omphalos, aka OMPL, focuses on the decentralized finance space. Since 2018, Omphalos’ team has established an innovative and comprehensive research on elastic-supply DeFi protocol, making it one of the few DeFi companies offering a stable protocol with multichain interoperability. The company has set the goal on becoming a fully decentralized and open source platform for the next generation of web3 open financial applications in the next three years.
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Omphalos’s co-founder explains, “Omphalos is a solution to the pain point of the multi-billion-dollar DeFi industry, where most types of digital assets are suffering from high levels of price volatility and unfit for large scale financial institutions. Omphalos (OMPL) with the built-in elastic price stabilizing mechanism will be a game changer for decentralized finance network!”
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