InstaDapp is a blockchain-based financial middleware provider that operates a virtual, real-time wallet enabling users to manage multiple DeFi applications across protocols such as Ethereum. Its DeFi Smart Accounts (DSA) are the current standard for smart contract accounts on Ethereum and have nearly $5 billion in total value locked (TVL). The company plans to launch a governance token called INST by the end of June and to complete a transition into the middleware layer for DeFi. Proceeds from the recent fundraise will be used to support that transition and to back ecosystem projects building on the InstaDapp protocol. InstaDapp was founded in 2018 by Sowmay Jain and Samyak Jain after EthIndia and previously received a grant from Kyber Network. The company last raised a $2.4 million seed round in 2019. InstaDApp is an India-based DeFi portal whose core product is a smart wallet layer that mediates between user interfaces and underlying protocols. That layer includes smart wallet functionality, bridge contracts and reserve pools designed to abstract away complexities and enable advanced transactions. The platform currently provides interfaces for Compound, Uniswap and MakerDAO. The company is focused on building out its smart wallet to make decentralized finance more accessible. As of the article, InstaDApp was the fourth-largest dapp in DeFi with $30.8 million of assets locked in its smart contracts (up from $4.2 million in early July). Co-founders Sowmay Jain and Samyak Jain have left school to work full-time on the project, and the site draws substantial traffic from both India and the U.S.

Total raised

$12M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2021