Conduit is a crypto infrastructure startup that was founded recently by Andrew Huang to enable developers to launch optimism-based applications. The Platform is poised to become the Stripe of DeFi(Decentralized Finance). The platform prides itself in offering one API for DeFi to enable developers embed crypto-powered features into their products with a single API integration. The firm has a wide variety of crypto features including global fiat on and off ramps that provide automatic conversion of local fiat to stablecoins pegged at a 1:1 ratio to the USD hence avoid sending users to another platform to access the same resource and facilitating crypto yield accounts that can be launched as interest-bearing stablecoin accounts yielding 3-6% APY(Annual Percentage Yield). The yield strategies utilized by the platform are curated by Conduit to only include protocols that have been evaluated for liquidity, security, transparency and APY.
Conduit has recently raised $7million in a seed round that was led by Paradigm, a crypto-focused investment giant. Conduit is set to utilize the new capital to facilitate the continuous launch of the first iterations of its product and propel the firm towards achieving profitability. Paradigm pioneered the crypto venture capital industry when it raised a record $2.5 billion back in the year 2021. The record has since been toppled by Andreessen Horowitz. The close ties between Conduit and and Paradigm run deep especially considering the fact that the co-founder and managing partner of Paradigm, Matt Huang is the brother to Andrew Huang, founder of Conduit who has already recused himself from the recent investment process.
Conduit released its first product in conjunction with Optimism(OP). OP is a layer-2 blockchain network that offers a mechanism of bundling transactions to reduce fees and traffic congestion while maintaining the same underlying Security in the Ethereum blockchain. This mechanism is commonly referred to as optimistic rollouts. By offering sustainable and usable services, Conduit enables developers to easily and quickly deploy their applications to optimism. The target market for Conduit includes DeFi protocols and NFT platforms. To incentivize potential users, conduit has promised a share of certain fees and rewards to teams successfully launch rollouts with Conduit.
Additional services offered by Conduit include payments and transfers that allow cheaper and faster remittances without hold. These payments also allow cross-boarder B2B(Business to Business) transfers across multiple fiat currencies. The platform also offers powerful wallet services that are available in 24 countries globally. Users can instantly create an account that holds multiple cryptocurrencies and also allow tracking of transactions in real-time. The platform expresses itself as ‘made for developers, by developers’ especially since it requires few lines of code to create a wallet, check balances, get a fiat on-ramp quote and execute transfers. Conduit is backed by top investors like Gradient Ventures, Gemini, Discovery Ventures and Core Innovation Capital.
