Payments giant PayPal and investment management firm Galaxy joined hands to raise $20 million in seed funding for chaos_labs, a New York-based cloud platform for securing blockchains and protocols.
Prominent names among the lot include Coinbase Ventures, Polygon, Avalanche, OpenSea UniSwap and Balaji Srinivasan.According to Chaos Labs’ founder and CEO, Omer Goldberg, financial risk management must be upgraded to cater to the decentralized finance ecosystems. He added:
“We believe that every DeFi protocol must regularly conduct robust risk testing to verify and validate that their economic system is secure against hackers and unanticipated volatility.” The official website states that Chaos Labs’ risk suite can help protect DeFi protocols through optimized risk and capital efficiency, streamlined risk assessments and streamlined risk assessments.PayPal’s interest in the crypto ecosystem was highlighted when the company was found to be holding a significant part of its financial liabilities in cryptocurrencies offered to its customers.
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