Multicoin Capital Joins the Hubble Protocol Team with $5M Strategic Fundraise

Hubble Protocol is proud to announce that Multicoin Capital has joined the team during a recent strategic fundraising round.

Hubble Protocol is proud to announce that Multicoin Capital has joined the team during a recent strategic fundraising round. By providing a $5 million capital injection, Multicoin Capital will bolster Hubble’s mission to make USDH one of the premier crypto-backed stablecoins in DeFi.

The addition of $5 million from Multicoin Capital brings Hubble’s total private fundraising haul up to $15 million. Previous fundraising rounds were led by Delphi Digital, DeFiance Capital, Capital, Digital Currency Group, Decentral Park Capital, CMS, ParaFi, Jump Capital, Spartan Group, Mechanism Capital, and DeFi Alliance.

Multicoin Capital Recognizes the Power of USDH with Substantial Investment

Multicoin Capital is a thesis-driven investment firm with an impressive track record. It has supported some of the biggest names in crypto, including many of the protocols driving the most significant innovations in the Solana ecosystem.

One of Solana’s staunchest supporters has thrown its weight behind Hubble and Hubble’s stablecoin, USDH. By adding Hubble to its portfolio, Multicoin Capital recognizes the importance of USDH to Solana DeFi and DeFi as a whole.

According to Spencer Applebaum, Principal at Multicoin Capital, “The world’s most ubiquitous decentralized stablecoin will be built on Solana. Hubble Protocol is taking the concepts first pioneered by MakerDAO and expanding them on Solana by leveraging the network’s unique speed and throughput capabilities.”

Applebaum commented on the sustainable approach Hubble has taken in designing a resilient crypto-backed stablecoin for a demanding DeFi market. He said, “There are only a few ways to safely build a decentralized stablecoin, and Hubble’s over-collateralization approach has been tested through all market conditions.”

Hubble and Multicoin Capital Strive to Establish USDH as DeFi’s Stablecoin of Choice

Hubble’s USDH has become the most paired Solana-native stablecoin on both traditional AMM and CLMM liquidity pools on nearly every Solana DEX. Overall, USDH is second only to USDC for all stablecoins concerning this metric.

USDH holds only second place to USDC in the Solana DEX ecosystem. Source: Step Data

Hubble began its DeFi journey by promising to innovate solutions to further enhance the state of DeFi. It has been consistently delivering on this promise by refining Hubble’s borrowing platform and increasing the performance of USDH by developing mechanisms to strengthen USDH’s peg and building partnerships that put USDH to work.

In reference to the latest fundraising round led by Multicoin Capital, Marius Ciubotariu, the co-founder and project lead of Hubble Protocol said, “This strategic partnership will help us build a robust product ecosystem around USDH and grow its utility and adoption across Solana DeFi.”

Marius continued, saying, “We want USDH to be the most trusted, ubiquitous, decentralized, over-collateralized stablecoin in the world. In order to achieve that, we have to continue to innovate with synergistic products and integrations that make USDH the most attractive stablecoin to hold, transact, or lend.”

Hubble Looks Towards a Bright and Productive Future Working with Multicoin Capital

Hubble Protocol will leave no stone unturned as it searches for ways to improve the future of DeFi. Consequently, meaningful advancements are being made in capital efficiency and the adoption of USDH with the launch of Kamino Finance.

Kamino is a protocol incubated by Hubble to automate and optimize concentrated liquidity positions on Solana’s most advanced DEXs. It is the first-to-market product of its kind on Solana, solving the problems faced by users who want to earn yield from providing concentrated liquidity.

By making providing liquidity easier than ever, Kamino has the potential to exponentially increase the capital efficiency of decentralized trading on the world’s fastest blockchain. Furthermore, Kamino’s launch will help foster the adoption of USDH as the stablecoin of choice for concentrated liquidity pairs.  

With Multicoin Capital joining the team, Hubble is prepared to execute an ambitious roadmap that could include many step-change improvements to the DeFi ecosystem. Hubble is excited to see what the future holds with ample resources and influential partners like Multicoin Capital backing our unique brand of DeFi innovation.

Keep in Touch

Website | Twitter | Telegram | Discord | Email | Reddit

You've successfully subscribed to Hubble Blog
Great! Next, complete checkout to get full access to all premium content.
Error! Could not sign up. invalid link.
Welcome back! You've successfully signed in.
Error! Could not sign in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Error! Billing info update failed.