Umee raises $6.3 million to fuel push to become 'cross-chain hub' for DeFi tools

A new protocol startup is looking to be the connective tissue for decentralized finance (DeFi), and it's raised $6.3 million from the likes of Polychain, Coinbase, and others to do it.

Umee wants to become a "cross chain DeFi hub" by creating interoperable tools for DeFi users that work across a range of chains and venues.

CEO Brent Xu previously worked at Tendermint, helping to build out its Cosmos blockchain and its Interoperability Blockchain Communication protocol between blockchains. Before that, he spent time with Consensys, and before his foray into crypto, he traded bonds. He said Umee is a combination of all those backgrounds, making it "part fixed income trading, part Ethereum and part Cosmos proof of stake."

The idea is that Umee will become a hub for other DeFi tools as developers build on the initial offerings, but its initial focus falls to three areas: establishing cross-chain interest rates, interchain leverage and multi-chain staking.

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