Instadapp serves an important function in decentralized finance (DeFi): It bridges the gap between various projects by creating a so-called “middleware” layer that allows developers to build applications that are compatible between DeFi protocols and crypto payment gateways.
This is not the company’s first foray into fundraising. In 2019, the India-based team raised $2.4 million from prominent crypto investors, including Pantera Capital, Coinbase Ventures and others.
Instadapp’s funding round is one of many such investments into DeFi startups in recent months, despite the crypto market’s recent bearish turn.
Instadapp plans to use the funding to continue building out its middleware layer, the firm said in an email.