Kresko has successfully closed a $1.8 million strategic funding round. The investment was led by Electric Capital and Zero Age Ventures, with participation from WAGMI Ventures, GTS Ventures, Multisig Ventures, Alchemy Cap, Quantitative Holdings, and several other venture capital firms and angel investors.

Previously, Kresko had raised a $2.35M seed round led by Electric Capital and Polychain with participation from prominent industry figures, including Naval Ravikant and Larry Cermak, CEO of The Block.

Kresko’s mission is to make wealth accessible to anyone, anywhere.

It accomplishes this by bringing access to real-world assets (RWAs) on-chain in the form of synthetic assets. This includes a range of assets such as forex, commodities, and crypto synths. These synthetic assets are tradeable ERC-20 tokens, backed by crypto collateral. They are composable and can be integrated with any DeFi protocols.

The protocol recently completed its testnet competition onboarding 20,000+ users across 96 countries. During this time, it accounted for almost 80% of total transactions on the Optimism testnet.

"Kresko's initiative to bring RWAs to DeFi opens new avenues for capital and user engagement in synthetic assets. Their data-driven approach to iterating product development, streamlined UX, and stringent security measures tackle the inherent challenges in DeFi. We're thrilled to co-lead this pivotal funding round.” , said Vladimir Velmeshev, GP at Zero Age Ventures.

The newly secured funding will be directed towards a more capital-efficient protocol informed by the insights from Kresko’s testnet competition and launching mainnet, expected in Q4 2023.

Improved Synthetic Asset Protocol Leveraging Stable Collateral for Lower Risk

Kresko utilizes a unique Collateral Debt Position (CDP) model backed by stablecoins that address shortcomings inherent in existing synthetic asset platforms, such as single-asset collateral support and AMM-oracle price discrepancies.

This approach enables two key features that set Kresko apart: First, it allows traders to execute synthetic asset swaps with zero slippage. Second, it allows for liquidity provisioning exclusively in stablecoins, granting liquidity providers the opportunity to earn a yield that's free from market volatility.

“We continue to believe Kresko is addressing an important opportunity in the market to bring high quality assets to a global audience.  Kresko's approach innovates based on lessons learned from previous designs, and we're excited to support their journey in building a more inclusive financial landscape.” remarked Ken Deeter, a GP at Electric Capital.

About Kresko

Kresko’s mission is to make wealth accessible to anyone, anywhere. Kresko is an open platform for synthetic forex, commodities, and crypto.

Contacts

Media & investor relations: hello kresko [dot] fi