- Enso finance has just raised $5M in its private fundraising round.
- The platform comes as a solution to the highly fragmented and complex trading industry.
- Enso gives traders a unified trading platform with native social trading.
Enso finance has raised $5M in its private fundraising round co-led by Polychain Capital and Dfinity Beacon Fund. As such, the funds will be used to fund a mainnet launch in Q2 2021. For now, Enso will focus on its platform development and community expansion.
Moreover, participants of the funding round included Multicoin Capital, P2P Capital, Spartan Group, Zola Global and the LAO. Angel investors from AngelList, Dfinity, Synthetix, Status, Fantom, Nexus Mutual, Aave, and Messari were also present.
The creation of this platform comes as a solution to current problems faced in trading. Now that DeFi is a $50 billion industry, the trading landscape has become too complex to utilize efficiently. Along with that, it is becoming harder for users to hedge according to their assets or even generate yield.
Moreover, Enso solves this by giving traders a unified trading platform with native social trading. Using that, traders are able to create or discover composable strategies. However, Enso simplifies and creates solutions to increase access to DeFi strategies. It enables frictionless trading between companies.
Enso co-founder Connor Howe said,
Composability is one of the unique aspects that make DeFi magical. With Enso we’re lowering the barrier to capturing composability by gathering all of the major decentralized finance platforms and making it simple to follow the best traders who use these platforms or create novel strategies between them.
Not only does Enso combine the DeFi ecosystem into a single social trading experience, but it also represents it in terms of tradable tokens. Besides this, traders using Enso can also batch purchase assets on AMMs. Also, they can yield farms and liquidity mines, rebalance based on tolerance bands, restructure debt, execute flash swaps, or run arbitrage trades.
With reference to this, Multicoin Capital associate, Spencer Applebaum said, “We’re extremely excited to back Connor, Gorazd, and the rest of the Enso team as they work to open up DeFi asset management by removing whitelists and curation, and enabling composability with all DeFi networks”.
Further, he mentioned that Enso is fully customizable and enables anyone to become a fund manager with the click of a button.