Krew, DeFi Incubator on Klaytn, Launches with $4 Million in Capital

Amid the accelerating plunge of major smart contracts platforms, crypto developers and users are seeking for alternative solutions for trading and DeFi operations.

Krew DeFi incubator on Klaytn launched by fintech veterans

According to the official announcement shared by its team, Krew, a novel incubator for DeFi products focused on Klaytn blockchain, goes live in June 2022.

Introducing Klap Finance, a decentralized algorithmic liquidity market protocol on Klaytn.https://t.co/WhG73TXi1G

— ? Klap ? (@klapfinance) June 12, 2022

The new venture is designed to back early-stage products on Klaytn blockchain with financial and consulting support, including liquidity injections, marketing expertise, advice on tokenomics, go-to market strategies and so on.

The protocol is introduced by a heavy-hitting team led by Adam Cader of ParaFi Capital, Hugo Campanella—former UBS and Rocket Internet officer—and Mark Shim and Seth Jeong from ROK Capital and DeSpread.

In a recent funding round, Krew incubator raised over $4 million; Quantstamp and Ascentive Assets co-led the fundraising. Richard Ma, CEO of Quantstamp, is excited by the technical design of Klaytn:

We see Klap in a great spot to leverage Klaytn’s technical architecture enabling high TPS, fast finality, and cheap transactions. We are confident in Klap’s compelling protocol design features and veteran builders to serve the nascent Klaytn DeFi ecosystem and scale it for retail adoption.

KLAP lending market protocol goes live backed by Krew

Adam Cader, head of strategy at Krew, is fascinated by the prospects of the new accelerator despite the bearish sentiment that dominates cryptocurrency markets:

The next few months will see a great reshuffle between major L1s and their users. We see Klaytn as being one of the dark horses in this race due to their tight integration with Kakao and overall presence in the Korean market. With these factors combined, we feel now is the perfect time to give the extra push to bootstrap the Klaytn DeFi ecosystem.

KLAP, a noncustodial lending-borrowing protocol on Klaytn, goes live as an inaugural DeFi platform under the Krew umbrella. It is focused on building a one-stop DeFi endpoint to Klaytn as well as an ecosystem for KLAP and KLAY token holders.

The protocol registers 30,000 people in its Twitter and Discord channels. The net number of pre-registrations for the first release eclipsed 100,000 accounts in 48 hours.