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Home News Union Raises $3.9M in Private Fundraising from Alameda and Others

Union Raises $3.9M in Private Fundraising from Alameda and Others

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Union or UNN Finance Raises $3.9 million

UNION, a decentralized technology platform, has recently received a total of $3.9 million in funding in order to help them build risk-reducing concepts in decentralized finance (DeFi).

Some of the investors are companies such as 3Commas, Alameda Research (the company behind FTX and ProjectSerum), AAM, Bering Waters Ventures, Black Edge Capital, Cluster Capital, Solidity Ventures, Spark Digital Capital, and Rarestone Capital, among others.

Union Plans to Launch Risk-Minimization Concepts

Union (also call UNN Finance) is working on a set of mechanisms targeted at using the same risk-minimizing concepts implemented in centralized finance platforms in the DeFi ecosystem. This mechanism will consist of a protocol and an array of tools. These are some of the tools that they have been working on:

  • Bundled and multi-layered protection from risks
  • A truly decentralized protection platform without the need for strict KYC requirements coupled with effective governance protocols
  • A decentralized secondary protection market to temper risk

The goal of their team is to create products that protect investors with an ecosystem that is more participative and effective, according to Michael Beck, the project lead for UNION, Beck further added:

We’re amazed at the incredible support our project has received and we’re excited about the future and our role in strengthening the DeFi marketplace.

The team believes that the concepts behind centralized finance could succeed in solving DeFi problems including high entry costs, low capital efficiency, high latency, smart contract vulnerabilities, and secondary market liquidity. All of these concerns dampen the development of the whole DeFi space, and therefore, need to be addressed.

UNION’s open system will create a “cornerstone platform for risk management and asset protection instruments in a market poised for exponential growth.”

Some of the tools they are planning to launch soon include transaction gas protection, collateralization ratio protection, and CDS-inspired smart contract coverage.

In the near future, UNION will start the creation of bundled protection programs and a more inclusive platform that offers no barriers in leveraging risk management tools.

With the support of some of the cryptocurrency experts in the space, the future of UNION’s project is something that the team behind it is looking forward to.

What is UNION?

Union is a new software development company focused on creating new projects for the DeFi space. Their team is composed of experts from various fields such as blockchain development and financial technology.

Chief among their goals is to address the common problems of DeFi users, specifically on the need for decentralized protection markets, borrowing, governance, and all other ecosystem innovations.

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