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DeFi Risk Assessor Sherlock Raises $1.5M in Pre-Seed Funding
The fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance.
By Ian Allison
Updated May 9, 2023, 3:20 a.m. Published Jun 3, 2021, 12:00 p.m.
Sherlock, a risk-analysis system for decentralized finance (DeFi), raised $1.5 million in a pre-seed funding round.
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Announced Thursday, the fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance.
Insurance in crypto is rare, and providing peace of mind within the experimental DeFi space is limited to a handful of solutions, such as Nexus Mutual’s decentralized risk pool approach.
Sherlock uses smart-contract security experts to assess the fundamental risk attached to DeFi platforms. It already has a long list of angel investors, including executives and developers from firms including Aave, Synthetix and Quantstamp.
“Fundamental risk analysis and covering protocols directly is a heavy lift,” Gavin McDermott, partner at IDEO CoLab Ventures in a statement. “But if Sherlock’s model can scale to a meaningful percentage of TVL in DeFi, their network will significantly improve safety for the entire industry.”
CORRECTION (JUNE 3 12:18 UTC): Corrects spelling of investor's name to Synthetix.
See also: Bumper, a DeFi-Based Crypto Volatility Protection Plan, Raises $10M
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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