Crypto exchange platform Defy has raised $5.5 million led by Goat VC, JAM Fund and Goodwater Capital. The round also saw participation from Gemba Capital, Night Ventures, GMO Venture Partners, Olive Tree Capital, and existing investor Better Capital.
The fresh capital has been raised for its parent company Walrus, which runs a neo-banking platform. The fund will be deployed to scale the team across engineering, product, growth and other verticals.
Founded by Bhagaban Behera, Sriharsha Setty and Nakul Kelkar, the YC backed firm aims to build a social platform around crypto by allowing users to create their profile, share their portfolio with friends and followers and follow experts for investment strategies.
The platform, which is currently available only on Google Play Store, aims to grow to a million users in the next six months.
