Solana-Based DeFi Project Hubble Protocol Raises $10M

Hubble Protocol, a decentralized finance (DeFi) project, has acquired $10 million in investment in advance of its mainnet debut later this month. Hubble plans to utilize the funds to grow its personnel and extend its DeFi project services.

Three Arrows, DeFiance Capital, Delphi Digital, Digital Currency Group, Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance, and Mechanism Capital were among the investors in the round.

“We’re ecstatic to support the Hubble team as they develop fundamental DeFi primitives for the Solana ecosystem, ranging from a decentralized stablecoin to a unique borrowing marketplace to undercollateralized lending. These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market,” said Matthew Beck, director of investments at Digital Currency Group, in a press release.

Hubble Protocol disclosed a $3.6 million seed round a month ago, with Three Arrows and Delphi Digital among the investors.

The Hubble Protocol is built on Solana, a blockchain that solves scalability problems by combining proof-of-stake and proof-of-history consensus mechanisms to handle a large number of transactions per second.