Impossible Finance, a Defi protocol built on Binance Smart Chain, has completed a $7 million seed funding round backed by over 125 institutional and angel investors — with the funds going towards the development of a multi chain DeFi incubator.
The seed round was led by venture capital firm True Ventures, and quantitative investment firm Alameda Research, blockchain development firm Hashed and investment firm CMS Holdings.
Impossible Finance was launched on BSC on April 9, and the protocol currently offers DeFi investors token swaps, liquidity pools, and staking rewards through the Impossible Finance (IF) token
The new funding will go towards development of a multi-chain ecosystem for the project, which plans to expand to support to Ethereum and Polygon, along with deployments on layer-two (L2) solutions and other platforms in the future.
As part of the multi-chain ecosystem, Impossible is also developing an automated market maker (AMM) liquidity protocol, which will act as the backbone for a decentralized incubator and