Steaker, a Taiwanese crypto asset administration platform, has raised US$1 million seed funding from particular person traders.
A notable investor is Jeffrey Huang (Machi Large Brother), a Taiwanese-American music, leisure and know-how trade chief and founding father of each MITH and 17LIVE.
Based in 2019 by Wilson Huang (CEO), Steaker has grown its asset below administration (AUM) to over US$50 million.
Huang remarked that funding alternatives offered by the blockchain and crypto house shouldn’t be unique to the elite.
Learn Additionally: Contained in the altering panorama of Asian cryptocurrency exchanges
Subsequently, Steaker distinguishes itself from standard crypto administration platforms by catering to the wants of youthful and fewer educated traders.
“A majority of traders on our platform are retail, who account for 70 per cent of the full AUM,” Huang mentioned.
Regardless of his younger age, Huang is a veteran within the blockchain house. He was beforehand Vice-President of decentralised social media platform MITH.
Moreover, he participated within the improvement of Ethereum’s layer-2 answer, Plasma.
On Steaker, customers can select from 5 forms of funding choices with completely different danger profiles and return traits, backed by methods from stablecoin lending, DeFi yield farming, to algorithm-driven arbitrage.
Sooner or later, Huang hopes so as to add extra decentralised options to the platform whereas sustaining its comfort for non-crypto customers.
With the fast development of cryptocurrencies over the past decade, the necessity for crypto-asset managers is rising. The newest examine of the Cambridge Centre for Various Finance estimated the variety of identity-verified crypto-asset customers at about 101 million globally in Q3 2020, rising fourfold over 4 years.
Regardless of the pandemic disrupting conventional funding automobiles, the crypto house has been witnessing fast development. Pushed by the decentralised finance (DeFi) growth, the full worth of cryptocurrency hit US$12 billion in late October.
Additionally Learn: A lowdown on why DeFi is sweet for the expansion of cryptocurrency
Steaker can also be partnering with different digital asset administration firms, native crypto exchanges and DeFi tasks resembling Cream Finance and WageCan to develop the scope of their choices and improve their portfolio administration functionality.
Their newly introduced partnership with MaiCoin, the biggest one-stop asset administration platform supplier in Taiwan, goals to extend the performance and interactivity of Steaker’s platform.
Earlier this yr, Steaker was chosen to hitch AppWorks Accelerator, the main startup accelerator in Larger Southeast Asia (Taiwan and Southeast Asia).
“AI, Blockchain and DeFi are the most important paradigm shifts taking place proper in entrance of our eyes, creating enormous alternatives for startups. In Steaker, we see a group leveraging these game-changing platform shifts in a really promising style,” commented Jamie Lin, Chairman and Accomplice of AppWorks, who can also be a mentor to Steaker.
Picture Credit score: Steaker
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