Krystal, a multi-chain platform to easily access popular decentralized finance (DeFi) services, has raised $6.6M in seed funding.
The round was led by Hashed, with further backing from Crypto.com, Signum Capital, BlockTower, HyperChain, Arrington Capital, LD Capital, DeFi Alliance, ArkStream Capital, Coin98, and a few angel investors.
Krystal was initially incubated at Kyber Network and has since developed into a ‘one-stop shop’ platform for users to interact with different DeFi protocols on multiple blockchains. By consolidating the best DeFi services on a simple user interface, Krystal saves users time, money and effort.
Krystal has already integrated popular decentralized exchange (DEX) protocols such as KyberDMM, Uniswap (V2 & V3), SushiSwap, PancakeSwap (V1 & V2) and QuickSwap to provide convenient trading access to over 40,000 tokens for its thousands of users.
Other key features that can be enjoyed directly within the Krystal platform include earning interest by interacting with Aave (V1 & V2), Compound & Venus Protocol, hassle-free portfolio management, market insights, and a referral program with bonus incentives.
Krystal currently supports Ethereum, Binance Smart Chain and Polygon, with plans to quickly expand to other networks/chains such as Solana, Polkadot and Cronos.
“In the short span since Krystal’s launch, the seamless aggregation of multiple DeFi services, such as token swaps, earning interest and portfolio management, has already proven to be a great asset for new DeFi users and veterans alike. We’re excited to see what new product developments they will deliver to improve usability on various blockchains,” said Simon Kim (CEO & Managing Partner, Hashed).
“Krystal aims to be THE go-to platform for everyday users to interact with DeFi. By integrating multiple protocols on our simple and intuitive platform, users no longer have to navigate between multiple tabs and complex UX. This simplified DeFi experience reduces fragmentation and saves users time, money and effort,” shares Sunny Jain (CEO, Krystal), about Krystal’s vision.
Krystal will use the newly received funds to expand our team and accelerate our product roadmap to empower users to better manage their portfolio across multiple DeFi services. Our immediate priorities include NFTs, adding more blockchains and improving access to passive income by allowing users to securely do staking, manage liquidity pools and yield farming. Krystal aims to remain non-custodial to make innovative & transparent financial services more accessible globally. Users will always retain control over their funds and private keys.
Krystal is a multi-chain platform to simplify access to popular decentralized finance (DeFi) services.
To simplify a user’s DeFi experience, Krystal has built an intuitive user interface that acts a single point of access to transact with multiple protocols such as KyberDMM, Uniswap, Aave, Compound, Venus Protocol, PancakeSwap, SushiSwap, QuickSwap and Kyber Network.
Krystal aims to be every user’s go-to venue for swapping tokens, earning passive income, portfolio management and market insights. Topping it off, Krystal’s one-of-a-kind rewards program earns users bonus incentives when they trade or successfully refer friends. Since its launch in April 2021, Krystal has attracted thousands of users from over 87 countries.
Krystal currently supports DeFi services on Ethereum mainnet, Binance Smart Chain and Polygon chain. It will soon expand to other networks such as Solana, Polkadot and Cronos to cater to more users.
To learn more, visit www.krystal.app.