Napier Labs, the main developer of the DeFi (decentralized finance) project Napier Finance, announced on November 13 that it has completed a pre-seed round of approximately 150 million yen in funding.
In this round, domestic and foreign investors invested mainly in well-known DeFi projects such as Curve Finance, DeFiLlama, Convex Finance, and Liquity (details) the below described).
Napier Finance is a liquidity hub for yield trading that will be built as an extension layer to Curve Finance. It is an extension service that works with Curve Finance to allow users to trade assets that have been difficult to handle until now, such as derivative assets. Product launch is scheduled for early 2024.
Napier was originally a project born out of a hackathon. His ideas and prototypes were showcased at the Ethereum community's hackathon ETHOnline 2022 and have won multiple awards from prominent DeFi projects such as Aave and Yearn. Napier Lab, which is leading the development of Napier Finance, is a Dubai-based company founded by Japanese entrepreneur Yusuke Kozoekawa.
Regarding this procurement, Mr. Kozoekawa commented as follows.
“In this round, we have a very strong group of investors and advisors on board to help us properly approach the existing DeFi user base. I would be very happy to receive various opinions for this project.I have spent a lot of time creating it with Team Napier, so I am really looking forward to the day when I can release it to the public.''
Source: New Economy