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Informal Systems Raises $5.3 Mln in First Funding Round

source-logo  cryptonews.net 08 June 2023 14:05, UTC
Anna Martynova

Informal Systems has raised $5.3 mln to support its work as a core development team in the Cosmos ecosystem. Venture firm CMCC Global led an investment round with support from Nascent, Maven11 and angel investors from Celestia and EigenLayer. The funds were raised in the form of convertible notes.

Informal Systems CEO Ethan Buchman stated:

"This fundraiser marks an important step for Informal, enabling us to continue to lead and expand the interchain while transforming the quality standards of software, money, and organizations."

Part of the investment will be used to support the audit security division of Informal Security. This will help projects find bugs and improve protocol code. The development team also has a Collaborative Finance project that aims to bring the Cosmos blockchain together with fintech organizations.

Image: Cryptorank