Revolutionizing Access to Decentralized Finance: August’s Innovative Approach
Decentralized Finance (DeFi) is rapidly emerging as a transformative force within the cryptocurrency industry. This peer-to-peer financial system, built on blockchain technology, is reshaping the landscape with diverse offerings like prediction markets, NFTs, and stablecoins. Among the frontrunners in this dynamic sector is August, a crypto-focused prime brokerage firm dedicated to simplifying investor access to DeFi through a unified platform.
August’s Strategic Vision: A One-Stop Platform for DeFi
In a significant development, August has secured $10 million in a Series A funding round led by Dragonfly Ventures, with participants including SCB Limited, 6th Man Ventures, and Foresight Ventures. While the company’s valuation remains undisclosed, this financial backing underscores its commitment to revolutionizing how institutional investors engage with DeFi.
August collaborates with prominent financial institutions such as hedge funds and family offices, offering opportunities for lending, borrowing, and trading within the crypto sphere. Co-CEO Aya Kantorovich shared with Fortune that the firm aspires to be the primary destination for institutional investors seeking robust returns on their crypto investments.
Simplifying DeFi Engagement for Institutional Investors
Currently, August interfaces with 70 DeFi protocols and 13 blockchains to facilitate seamless transactions. Kantorovich emphasizes the need for simplicity, stating, “When you think about institutions, you want to get rid of this idea of or abstract away both chains and protocols. You just want to have one place.” By consolidating access points, August eliminates the complexities that often accompany DeFi engagement.
The firm connects clients with leading DeFi networks like Aave, Morpho, and Uniswap, enabling crypto lending, derivative trading, and token transactions. August’s platform also offers clients a comprehensive dashboard to monitor all their positions, streamlining operational efficiency.
Revenue Model and Competitive Landscape
Despite acting as a middleman, August ensures clients can consolidate payments across loans, derivative positions, and trades. The company derives revenue from trading spreads—the difference between buying and selling prices—and imposes transaction fees. However, Kantorovich has not disclosed August’s annual revenue figures.
In the competitive realm of crypto-focused prime brokerages, August stands alongside industry giants like Coinbase Prime and FalconX. With its latest funding, August plans to enhance its marketing strategy, expand its workforce, and continue technological advancements. The company previously raised $6 million in a seed round in 2023.
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