UNION Finance has announced the close of a successful round of private funding. A total of $3.9M was raised from reputable firms such as Alameda Research, 3 Commas, Solidity Ventures, and more.

UNION is excited to announce that it has raised $3.9M to build an open financial technology stack & risk management platform.

Stay tuned for further information.https://t.co/65q7xVCuek

— UNION (UNN) Finance (@UNNFinance) November 10, 2020

UNION’s mission is to create a vibrant ecosystem of risk management and asset protection products on Ethereum that will help DeFi users hedge their various types of risk. This funding round will help bootstrap the UNION platform on Ethereum that is set to roll out in the upcoming months. While some of the base layers of risk management like fixed-rate lending (Yield Protocol) and protocol-specific insurance mutual (Nexus Mutual) already exist in DeFi, there are still a ton of missing tools that need to be built. UNION also promises to stay as true to the DeFi ethos as possible and remain open for all, there are no plans for required KYC for any level of usage on the UNION platform.

The team plans to create the cornerstone platform for risk management and asset protection instruments in the crypto asset market. Some of the initial products that UNION will launch include transaction gas protection, collateralization ratio protection, smart contract coverage, and a multitude of other capital protection pools and products. By building out the tooling that addresses many of the major barriers of entry to DeFi currently, UNION believes that its personal success can also help fuel sustainable growth for the entire DeFi space. The same tooling that lowers the barrier of entry for retail users will serve a dual purpose of laying the foundation for instutional capital to comfortably flow into the crypto ecosystem.

It’s important to note that the platform is not yet live and any $UNN tokens that are currently trading or for sale are fake. The only offical domain of UNION Finance is unn.finance.

Keep up with UNION by following them on Twitter.

The post UNION Finance Announces $3.9M Funding Round appeared first on DeFi Rate.

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