Odaily News Stablecoin protocol Cap announced the completion of a $11 million seed round of financing, led by Franklin Templeton and Triton Capital, with participation from Flow Traders, Laser Digital under Nomura, GSR and IMC Trading. In addition, industry leaders such as Curve founder Michael Egorov and LayerZero founder Bryan Pellegrino also participated in this round of financing.
Cap plans to use the funds to accelerate the development of the stablecoin yield engine, which is scheduled to go online in Q2 2025. The team said that Cap uses the EigenLayer shared security mechanism to improve the sustainability of stablecoin earnings and provide DeFi users with a safer earnings strategy.
Cap was co-founded by former QiDAO co-founder Benjamin.lens, former Beefy CTO Weso, and DeFi Dave. Previously, Cap had received $3 million in investment from institutions and individual investors including SCB under Susquehanna, Kain Warwick, founder of Synthetix, and Fernando Martinelli, founder of Balancer.