[Funding alert] Berlin-based Midas Secures $8.75Million in Funding

Friday 29, 2024 | By Startup Rise EU

  • Germany startup Midas provider of a asset tokenization protocol, secures $8.75million in funding.
  • The fund will be used by the business to increase operations and development initiatives.
Berlin-based Midas secures $8million in funding. This round was led by Framework Ventures, BlockTower and HV Capital. The round also included investments from Cathay Ledger, 6th Man Ventures, Hack VC, GSR, Lattice Capital, Phaedrus, Theia Blockchain, Pareto, Axelar Foundation, Peer VC, FJ Labs, and Coinbase Ventures.

Berlin-based Midas secures $8million in funding. This round was led by Framework Ventures, BlockTower and HV Capital. The round also included investments from Cathay Ledger, 6th Man Ventures, Hack VC, GSR, Lattice Capital, Phaedrus, Theia Blockchain, Pareto, Axelar Foundation, Peer VC, FJ Labs, and Coinbase Ventures.

It’s flagship product is the mTBILL, a permissionless ERC-20 token which tracks short-dated U.S. Treasury Bills (“T-Bills”). This provides decentralized finance (“DeFi”) investors access to a yield-bearing token, backed by U.S. government debt.

Read also - London-based Oriole Networks Secures £10Million in Seed Funding

At today’s rates, investors benefit from an efficient treasury management product with a yield-to-maturity of 5%, while harnessing the full suite of DeFi applications with a permissionless ERC-20 token.

Dennis Dinkelmeyer, CEO of Midas, said: “It is well-positioned to continue bringing investors innovative products to keep capital, particularly stable capital, on-chain through yield-bearing tokens while still harnessing the full suite of relevant DeFi applications.”

Fabrice Grinda, Executive Chairman of Midas, added: “We developed mTBILL to provide an innovative solution for the large segment of stablecoin holders who currently do not earn yield. As the stablecoin landscape has contracted amid a rising interest rate environment, the need to address this challenge has become even more urgent.”

Vance Spencer, Co-Founder of Framework Ventures said, “We’re excited about the differentiated approach to yield-bearing stablecoins that Midas is building, Beyond pulling new users into the space with attractive yield opportunities, we think Midas’ products will also allow a variety of new DeFi use cases during periods of normalized interest rates, encouraging users to stay on-chain for the long term.”

Thomas Klocanas, General Partner and Head of Venture at BlockTower, commented: “At BlockTower, we aim to partner with teams that are in the early stages of building paradigm-shifting technology, both from the standpoint of investors and users. It’ asset tokenization protocol mTBILL aligns with our vision given it is at the forefront of innovation. Our team looks forward to collaborating with Midas to forge a new synthesis of traditional finance and blockchain innovation.”

About Midas

Midas, a German company with limited liability, is an asset tokenization protocol that issues tokenized real-world assets as permissionless ERC-20 tokens. All underlying assets of Midas-issued tokens are held in segregated accounts with institutional custodians. As ERC-20 tokens, It assets retain the composability and transparency offered by an immutable blockchain ledger.

Read also - London-based Metaview Secures €6.4 million in Funding

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