Blueprint Finance Emerges From Stealth With $7.5M in Funding To Solve Crypto’s Liquidation Problem
Emerging from stealth mode, Blueprint Finance reveals its first product, the Concrete Protocol, aimed at revolutionizing the on-chain debt and credit landscape. Today, they announce securing $7.5M in funding to propel their vision forward. Concrete Protocol serves as an appchain specifically designed to enhance yield opportunities, provide liquidation protection, and facilitate advanced predictions throughout the DeFi ecosystem, beginning with money markets.
The fundraising round saw leadership from Hashed and Tribe Capital, with significant contributions from notable investors including SALT, Hypersphere, Lightshift, Awesome People Ventures, Veris Ventures, WWVentures, Avalanche Foundation, Kronos Research, Terra Nova, and Hyperithm. Their Pre-Seed funding round also garnered support, spearheaded by Portal Ventures and attracting investments from Picks & Shovels and Canonical Crypto.
Blueprint Finance’s inception occurred amidst the turbulence of FTX’s collapse in 2022, a period that underscored the resilience of on-chain systems and highlighted the pressing need for more efficient and robust DeFi markets. This period, marked by the downfall of centralized lenders, offered a unique opportunity to drive volume growth for on-chain money markets, despite a gaping void in solutions and liquidity to secure positions against the volatility of leveraged assets, often leading to liquidation.
The Concrete Protocol emerges as a cornerstone solution, poised to address the overarching issue of liquidation across premier money markets and to catalyze DeFi’s next growth stage. It enables users to safeguard leveraged positions against the depreciation of collateral, reducing the necessity for idle capital. By providing attractive yield opportunities, Concrete entices liquidity providers to finance these protective capital tranches for endangered positions. Implementing quantitative methodologies, Concrete dynamically forecasts collateral depreciation probabilities over time, facilitating an automated protection agreement to support a position as it nears liquidation thresholds.
Nic Roberts-Huntley, Blueprint Finance’s Co-Founder & CEO, remarked on the importance of securing this financing, stating, “This financing marks a significant milestone for our company. With Concrete, we stand ready to tackle crypto’s most urgent challenges, setting the stage for a robust on-chain credit infrastructure. As DeFi nears a pivotal moment, with lending activities poised for expansion, we are not only supporting existing activity but also unlocking novel markets within DeFi.”
The Blueprint team is comprised of seasoned professionals across quantitative development, investment, research, and crypto-native protocol engineering, boasting backgrounds from prestigious institutions including Point72, Morgan Stanley, Galaxy Digital, Caxton, Tala, Polkadot, Eco, and others.
Baek Kim, General Partner at Hashed, lauded the Concrete Protocol and Blueprint’s founding team for their potential to restore transparency and trust in a secure on-chain financial ecosystem, combining expert knowledge from compliant finance and crypto-native sectors. Similarly, Boris Revsin, Managing Director at Tribe Capital, reflected on Blueprint Finance’s origins during the significant de-leveraging of crypto assets in 2022. He underscored the importance of Blueprint’s decentralized software in safeguarding future market participants from major events, crucial for the sustained safety and expansion of the crypto realm worldwide.
Evan Fisher, General Partner at Portal Ventures, emphasized the blend of institutional financial acumen and DeFi innovation within the Blueprint Finance team. “Their inaugural product, Concrete, facilitates the deployment of capital-efficient risk mitigation strategies atop existing protocols amidst the $20B lending market. The industry’s next growth chapter necessitates the caliber of teams and products like these,” Fisher noted.
About Blueprint Finance
Blueprint Finance is at the forefront of developing the Concrete Protocol, an innovative on-chain credit market that not only offers liquidation protection but also optimizes yield across various DeFi verticals, from lending to trading and beyond. With a notable backing that includes Tribe Capital, Hashed, Portal Ventures, and SALT, Blueprint Finance is poised to redefine the infrastructure layer supporting the expansive DeFi universe.
