The Hubble Protocol - a DeFi-based stablecoin project - has announced that they’ve received over $3,6 million during the seed fundraising phase of a funding-oriented IDO (Initial DEX Offering).
These funds will be used for a few different purposes. The main ones, however, are the development of Hubble’s zero-interest, DeFi-powered crypto lending platform, as well as Solana’s own, native stablecoin called USDH. The seed phase will also allow Hubble to retain momentum towards the launch of its own IDO, for the HBB token. This event is set to happen in the upcoming January.
Some well-known names in the crypto industry that have already supported the endeavor include Three Arrows Capital, Spartan, Jump Capital, DeFiance Capital, CMS, Delphi Digital, DeFi Alliance, among others.
Qiao Wang, a partner at DeFi Alliance, emphasizes that the Hubble Protocol has received backing from some very notable names. He goes on to elaborate:
“Marius Ciubotariu and Thomas are two of the best founders we have supported. Most first-time founders tend to be focused on product, some on distribution, but Marius and Thomas care the most about team building. also understand that the most challenging part of building a stablecoin is not the algorithm itself but integrations and utility, and they know that the only way to achieve this is through non-stop grinding. All in all, they are long-term thinkers. They are special.”
The praise did not end there, however. Yan Liberman, the co-founder of Delphi Digital, had this to say regarding the Hubble Protocol:
“We are very excited to be investors in Hubble. <...> The team behind Hubble is world-class, and we are thrilled to work alongside them to build DeFi primitives, from borrowing to structured products and beyond.”
DeFiance Capital added:
“We are very excited to back Hubble as they build what we think will be one of the more important Solana stablecoins to come. Hubble’s unique borrowing and minting engine in itself is an exciting innovation, and we are thrilled to be part of the journey.”
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