Decentralized Tech Platform UNION Raises $3.9M To Minimize The Risks Of DeFi

Open and decentralized technology platform UNION has raised over $3.9 million from prominent venture capital firms, such as Alameda Research, Spark Digital Capital, AAM, Solidity Ventures, 3 Commas, Alpha Chain, Black Edge Capital, and more.

UNION is a software innovation company building products for decentralized financial (DeFi) markets and services. The company was created to fix some of the most pressing issues in DeFi – starting with decentralized protection markets and services, lending, borrowing, governance, and ecosystem improvements that reduce costs, improve security, and encourage public adoption of DeFi.

The funding will be used to develop financial tools that will help individuals and institutions access DeFi, while effectively addressing cost and risk considerations. These tools include bundled protection with different layers of protection (e.g., Layer 1 risk, smart contract risk, exposure risk, transaction completion risk); a truly decentralized protection platform that is not bound by a “members only” model, without KYC requirements and paired with an effective governance process; and a decentralized secondary protection market to manage risk.

“One of our goals is to create protection products and an ecosystem that let people participating in DeFi sleep well at night,” said Michael Beck, project lead for UNION. “We’re amazed at the incredible support our project has received and we’re excited about the future and our role in strengthening the DeFi marketplace.”

In the coming months, UNION plans to roll out a platform with baked in protection products as well as a secondary market for their protection products that will enable coverage across the entire Defi ecosystem.