Crypto DeFi startup Siphon Lab has recently closed a successful $1.2 million fundraising seed round ahead of its beta launch. The funding was led by Kima Ventures, with participation from Waveline Capital, BT Growth Capital, Uno Ventures, Quidnet Ventures, and Mava Ventures, among other notable angel investors in the web3 and web2 industry. The seed round funding will be used to accelerate Siphon’s development, expand its team and scale its operations to meet the increasing demand for its services.

“We are excited to have the support of Kima Ventures and other highly reputable investment firms,” said Jeffrey Cato, co-founder and CEO of Siphon Lab. “Their experience and resources will be valuable as we continue to grow and scale our business to provide financial technology solutions to bring more users to SUI Network. Our team has the skills, experience, and network to create one of the top solutions in the market.”

About Siphon Lab

Siphon Lab is on a mission to build the Siphon Universe on the Sui network. Siphon Universe includes the Siphon ecosystem, which consists of Tradeify and Liquidify and many other innovative products that will be launched in the future

Tradeify is a decentralized derivative trading protocol offering zero price impact trading, up to 100x leverage, self-custody, aggregated liquidity, and an optimized on-chain trading experience, while Liquidify is the premier liquid staking protocol built on top of the SUI blockchain that aims to unlock the value of all staked SUI and maximize the capital efficiency of SUI across the ecosystem. Liquidify is the premier liquid staking protocol built on top of the SUI blockchain that aims to unlock the value of all staked SUI and maximize the capital efficiency of SUI across the ecosystem.