Compound Founder's New Venture Superstate To Bridge Traditional and Blockchain Finance
Zach Anderson Jun 29, 2023 03:41
Compound's Founder and CEO, Robert Leshner, has announced the launch of a new venture, Superstate (@superstatefunds). "Superstate's mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems," said Leshner, signaling a significant shift in the financial industry.
Compound's Founder and CEO, Robert Leshner, has announced the launch of a new venture, Superstate (@superstatefunds). "Superstate's mission is to create regulated financial products that bridge traditional markets & blockchain ecosystems," said Leshner, signaling a significant shift in the financial industry.
"Currently, the primary limiting factor to DeFi is that crypto-native assets are the only interoperable assets," Leshner stated, reflecting on the challenges facing the decentralized finance (DeFi) sector. However, Leshner sees a future where "hundreds of trillions of 'offline' assets will find their way onto blockchains," with Superstate spearheading this migration.
Taking an audacious first step in realizing this vision, Superstate filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) for the Superstate Short-Term Government Bond Fund. "This is the first step on a long journey to upgrade financial markets," Leshner announced, suggesting significant changes to financial market systems.
Joining Leshner in this venture are industry veterans and former colleagues @rmcuming, @HiltnerJim, and @Dean_Swennumson. Together, they've previously built and led the Compound Treasury product, implying a solid foundation for Superstate's ambitious goals.
Superstate's innovative vision has captured the attention of prominent investors, including Parafi Capital (@paraficapital), 1kx (@1kxnetwork), Cumberland (@CumberlandSays), Coinfund (@coinfund_io), and Distributed Global (@DistributedG), all of whom have led the seed round of funding. "Thank you to our investors for believing in our vision," Leshner gratefully acknowledged.
As the DeFi sector expands and evolves, market-watchers will be keenly following Superstate's progress in merging traditional finance with blockchain technology. With Leshner's new venture off to a promising start, the countdown has begun for a fresh chapter in the financial and blockchain industry.
Image source: Shutterstock