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First Funding Round for $3 Million Successfully Closed by Duet Protocol

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May 11, 2021

According to the latest reports, the Duet Protocol has announced the closure of the first investment round. The Duet Protocol made the announcement around the completion of the investment round on May 9, 2021. The firm has confirmed that the recent funding it completed was for $3 million.

Duet Protocol exists as a synthetic asset protocol, which is the first-ever multi-chain protocol in the entire world. The protocol is known for providing a hybrid mechanism for algorithm stabilization and over-collateralization.

The Duet Protocol has confirmed that it had several popular and world-renowned firms leading its investment round. Some of the major firms include ArkStream Capital, Cabin VC, Zonff Partners, LD Capital, Dutch Crypto Investors, and Moonwhale Ventures.

In addition to the above, some more contributors included One Block Capital, Everest Ventures Group, DraperDragon, OmniLAB, A&T Capital, and Bit Digital.

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OmniLAB is a fund for investments, prominent for providing backup to the first-ever stablecoin. The DraperDragon Innovation Fund is Draper Venture Network’s core member. The firm is responsible for focusing its investments towards the development of firms mainly focusing on cross-border startups between China and America.

Duet Protocol has also announced that the second investment round will be commenced soon. Once commenced, the regional partners and investors from all over the world will be able to participate in the round.

Over the course of time, cryptocurrencies have defined themselves as self-evolving entities. The cryptocurrency industry and its decentralized nature offer a dynamic ecosystem for investors. The industry is constantly evolving with the help of innovations in mechanics and is gaining constant adoption.

However, there is still so much that needs to be linked and bridged between cryptocurrency assets and real-world assets. This is where Duet offers its platform and infrastructure that is capable enough of bridging the gap between the two worlds.

The Duet Protocol strongly believes that synthetic assets would play a key role in connecting two worlds together. The synthetic assets created and launched by Duet are set to target the stock market industry. Although there are several alternatives available in the market, Duet Protocol claims itself to be delivering a unique design.

With the help of this unique design, the Duet Protocol aims to optimize trading and minting. The Duet Protocol also provides one of the most user-friendly and easier platforms for minting. Through the protocol, the users do not have to worry about single spot risk; procedures cost or have to incur no entry barriers.

Some of the major improvements Duet Protocol offers include acceptance of a wide range of assets and optimization of the efficiency of the capital generated through the protocol.

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