Zapper Raises $15 Million to Build DeFi App Store

The Decentralized Finance Dashboard that has gathered a large level of popularity known as Zapper has raised $15 million in a Series A round that was led by Framework ventures, a thesis-driven venture firm that builds alongside its founders. 

This round actually had another person join, and it was none other than Ashton Kutcher’s Sound Ventures alongside the entrepreneur known as Mark Cuban.

The crypto startup actually managed to raise its monthly user base since its November 2020 seed extension. In fact, it now supports over 54 DeFi protocols, and even has plans on launching a new, on-platform app store for developers and the team behind the project is also working on a Zapper mobile application that should be compatible with any mobile device.

Innovative Intentions

Zapper runs an asset management portal for decentralized finance (DeFi) on Ethereum, where the users have the ability to log in using their wallets and actually see all of their assets in a single location, where a simple interface allows them to make future investments, including yield farming, liquidity mining or diversifying any token holdings.

This new stream of money will essentially pump new capital into one of DeFi’s most popular asset management tools, as Zapper claimed that it has 150,000 monthly users and has managed to cross the $3 billion total transaction volume which is quite impressive. The web app it has can plug into the wallets of its users for easy balance viewing, and can also let them swap, stake, and yield farm across a multitude of blockchains, which is convenient and one of the main driving factors of its popularity.

Aside from this, the CEO known as Seb Audet said that the native app store is intended to assist Zapper in keeping up with the exploding ecosystem when it comes to DeFi products by letting the community pitch in with new features.

Furthermore, the engineers over at Zapper managed to integrate 54 protocols within the platform which can be viewed easily. 

A Vision For the Future

Audet had the following to say on the subject “Everything is fragmented, it’s on a bunch of different apps living, different websites and web apps and our goal is really to reduce the friction and just have this one portal where you can track all your assets and manage and swap and farm.”

He even compared the app store to something like Spotify, where he claims that the potential of building a solid revenue model is there, but has not discussed it in great detail as the company is not yet committed to a single option.

The Zapper team will however continue building a product that makes it easy to plug into DeFi without actually burying the intricacies of the world of cryptocurrencies.

Keep in mind that throughout its history, Zapper had other investors, such as:

  • Libertus Capital
  • Coinbase Ventures
  • Michael Dunworth
  • The Lao
  • CoinFund 
  • Kain Warwick

Each of these joined the newcomers in the Series A, including:

  • Nascent
  • ParaFi Capital
  • Scalar Capital
  • Distributed Global
  • Maven 11
  • Spartan Group
  • DeFinance Capital
  • Long Hash
  • Sino Global
  • Cooley LLP 
  • Stani Kulechkov

It seems that there is a lot of interest as well as money raised for this on-platform app store, and only time will tell how popular it actually ends up becoming, and what kind of innovative ideas we’ll see that pop-up and potentially change the industry as a whole for the better.

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