Siphon Lab is a cryptocurrency DeFi(Decentralized Finance) startup that is on a mission to build the Siphon Universe on the SUI Network. Siphon Universe includes the Siphon ecosystem which consists of Tradeify – a derivatives exchange, Liquidify – a liquid staking protocol and many other innovative products that will be revealed in the future. Liquidify is built on the SUI blockchain and aims to maximize capital efficiency across the SUI ecosystem. Tradeify on the other hand is decentralized and offers zero price impact derivatives trading that is self-custodial, has aggregated liquidity and offers an optimized on-chain trading experience.
Siphon Lab has recently concluded a seed funding round that yielded $1.2 million in funds and led by Kima Ventures. The financing round also garnered participation from numerous industry investors and venture capitals including Waveline Capital, BT Growth Capital, Uno Ventures, Quidnet Ventures and Mava Ventures among other notable angel investors in the web3 and web2 ecosystems. The proceeds acquired from this financing round will be utilized to advance the firm’s beta launch. The funs will also address the rising demand in the firm’s products, scale its operations, grow its workforce and accelerate its development.
According to Jeff Cato, the co-founder and CEO of Siphon Lab, the firm is excited to have the support of Kima Ventures and other highly reputable investment firms. He further noted that the experience and resources acquired will be valuable as the firm continues to grow and scale its business to provide financial technology solutions to bring more users to SUI network. He also said that the firm’s team has skills, experience and network to create one of the top solutions in the market. It is pertinent to mention that Liquidify is the industry’s leading liquid staking protocol to maximize SUI’s capital efficiency throughout the ecosystem.
Siphon Lab prides itself as offering a step into the future of DeFi(Decentralized Finance) and has already listed its Tradeify and Liquidify whitepapers on its online platform.
