OpenTrade Raises $4 Million in Seed Extension Round

OpenTrade, a stablecoin yield products firm, has raised $4 million in a seed extension round. AlbionVC led the funding, with additional participation from a16z Crypto and CMCC Global, according to a statement shared with The Block on Monday.

Built on Circle, OpenTrade enables asset managers to create yield-bearing on-chain lending products.

> “This funding allows us to continue on our growth trajectory, building products for some of the biggest and most important leaders in the space,” said OpenTrade CEO David Sutter in the statement.

In April, OpenTrade raised $3.2 million in seed funding from a16z’s crypto startup accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs, and Plassa Capital, bringing total funding to $4.45 million at the time, as previously reported by The Block.

The daily market capitalization from real-world asset (RWA) products reached nearly $4 billion on Nov. 24, as shown on The Block’s Data Dashboard.