Crypto VC firm Spartan Capital invests in Pendle to boost DeFi’s growth
Singapore-based digital asset investment company Spartan Group has announced an investment in decentralized finance (DeFi) protocol Pendle Finance. The investment amount was not disclosed.
After actively backing Pendle since its launch in 2021, Spartan Group's crypto venture capital arm, Spartan Capital, has made a series of investments in Pendle Finance through an over-the-counter, or OTC, buyout.
The company said that Spartan and Pendle have had a strong partnership since the inception of the DeFi project.
Spartan Capital has been with Pendle since the beginning of our journey since Day 1 of Pendle V.
It's an honor to join hands with our longtime supporters once again on the next leg of our journey as we strive to shape the crypto landscape together https://t.co/7C1t8g5DQu
— Pendle (@pendle_fi) November 9, 2023
At Spartan Capital, we recognize Pendle's transformative potential and the critical role they play in driving the growth of product marketing across the chain.
Spartan cited Pendulum as steadily emerging as the dominant DeFi protocol, with its Total Value Locked (TVL) up more than 2,000% in one year from November 2022, according to data from DefilLama. The VC firm expressed confidence that Pendle's solutions, such as liquid staking derivatives and its project, Real World Assets, will help bring off-chain capital to the industry.
“The combination of liquid stacking derivatives and real-world assets presents a unique growth opportunity for the DeFi sector,” said Kelvin Koh of Spartan Capital Management.
“Their proprietary trading toolset is designed to complement and bring value to any digital product provider's assets, which means Pendle will be uniquely positioned to rapidly accelerate future DeFi developments.”
In 2023, Spartan optimism came as the industry did not see much momentum. Although overall Defy TVL has grown 18 percent since the beginning of the year, the industry has The all-time high is over $177 billion in November 2021.
Related: Bitget integrates DeFi aggregator into crypto exchange app
In contrast to DeFi, some other markets such as Bitcoin (BTC) have been particularly booming this year. After starting the year at around $16,600, the world's largest cryptocurrency is up more than 120% since January, according to CoinGecko data.
Despite a sharp decline in economic activity related to 2023, the sector has received substantial funding. Earlier this year, venture capital group Blockchain Capital announced two new funds worth a total of $580 million targeting the development of DeFi alongside gaming and infrastructure investments.
Spartan Capital did not immediately respond to Cointelegraph's request for comment.
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