BSC’s Impossible Finance raises $7 million in funding round

Binance Smart Chain (BSC) DeFi protocol Impossible Finance successfully secured 47 million in seed funding for the development of a multi-chain decentralized finance incubator.

The funding round was backed by more than 125 institutional and angel investors and was led by venture capital firm True Ventures and quantitative investment company Alameda Research, blockchain development company Hashed, and investment firm CMS Holdings.

Launched last April 9 on the BSC network, Impossible Finance protocol offers DeFi investors token swaps, liquidity pools, and staking rewards through the native $IF token.

Funding to be put in good use

The funds raised by Impossible Finance will be leveraged in the development of a multi-chain ecosystem for the project that is aiming to expand support to Ethereum and Polygon along with deployments on L2 solutions and other platforms.

The DeFi project is also in the midst of working towards an automated market maker (AMM) liquidity protocol that will act as the foundation for a decentralized incubator and springboard for new decentralized finance projects. It will also launch the Impossible Decentralized Incubator Access (IDIA) token.

A timely move

Impossible Finance’s plan to expand support to the Ethereum and Polygon network is perceived as timely because of the recent wave of exploits through flash loan attacks that wreaked havoc on the Binance Smart Chain.

The attacks, besides draining millions of funds from projects and investors, raised questions on whether the hacks and exploits are somehow endemic to how the platform operates or just part of its growing pains.

Examples of exploits that happened recently were the $7.2 million flash loan attack on BurgerSwap, Belt Finance’s $6.3 million exploits, and PancakeBunny’s $200 million flash loan attack from a hacker who borrowed insane amounts of Binance Coin and Spartan protocol’s $30 million losses in a coordinated liquidity pool attack.

 

Image courtesy of Cointelegraph News/YouTube

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