Umee, a cross-chain decentralized finance hub, has raised around $32 million and broken the record for user interest on the platform of CoinList. The platform then went on to report that around 922,000 CoinList accounts had already registered for options 1 and 2 of the token sale, which is currently the highest number ever seen for a token sale on the platform.
When the end result was calculated, around 63,000 accounts had gone on to contribute. A post on Medium from the official team on Thursday recorded that most of the funds would be used towards the expansion of the engineering and the development teams. The beta web app for the platform is also set to be launched in the next few days.
Umee Has Gone Through The Ranks At CoinList
The raise of $32 million by Umee has reportedly been the fifth-largest public raise on the platform the entirety of the previous year. This does manage to put it among the top public token sale rounds this year with BitDAO, which managed to raise over $430 million, while GuildFi raised close to $139 million, and others. It does add to the $6.3 million raised by the hub in June in its very first private funding round that was led by Coinbase, Alameda Research, Polychain Capital, CMS Holdings, and others.
Umee, it is well-established, is a decentralized platform that allows for cross-chain leverage trading and yield staking. The website for the hub had claimed that it can assist users in discovering new opportunities and explore multiple applications of DeFi through intersecting networks in a trustless and seamless manner.
Umee is led by Brent Xu, a contributor to Cosmos and Ethereum, who views DeFi as the most innovative concept in crypto. The team also wishes to expand on the technology and ideas that is used by Tendermint on the platform of Cosmos that allows for separate blockchains to turn interoperable.