Hubble, a Solana-based DeFi protocol Hubble, raises $10M and prepares for mainnet launch

Three Arrows, DCG and Delphi Digital are crypto heavyweights. They also joined Hubble Protocol’s financing.
The Solana network (SOL), is ready for the mainnet launch of another decentralized finance protocol (DeFi). Hubble Protocol, which aims to develop a censorship resistant crypto-backed stablecoin, among other DeFi services has raised $10 million from Three Arrows/DeFiance Capital and Delphi Digital, Digital Currency Group, Digital Currency Group, ParaFi and Jump Capital, Decentral Park Capital and CMS, Spartan and DeFi Alliance capital. According to the announcement, Hubble plans to expand its DeFi products and team with fresh funds. The mainnet launch is scheduled for Jan. 28. Hubble’s first item on its roadmap is the launch their zero-interest borrowing platform that mints USDH. This censorship-resistant stablecoin is a crypto-backed stablecoin and is “positioned to become the building block for other protocols on the Solana eco-system,” according to Matthew Beck, DCG Director of Investments. ParaFi Capital Vice President Anjan Vinod stated that stablecoins are a multi-trillion-dollar market opportunity. He believes that crypto users will need access to both centralized as well as decentralized stablecoins. This is where Hubble comes in. Hubble’s low transaction cost and USDH network effects are compelling features to drive liquidity into the protocol,” he said. Related: Solana could be the ‘Visa of crypto,’ according to ParaFi Capital Vice President Anjan Vinod. Hubble users will be able to stake the native token HBB to receive the majority of the protocol fees from minting USDH. According to the announcement, Hubble plans to develop undercollateralized lending options in the future and to “explore further DeFi innovation laying the foundations of a global and open financial market.”

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