Non-custodial portfolio manager Balancer Labs has raised $3 million in a seed round led by Accomplice and Placeholder.
Founded in 2018, Balancer started out as a project under analytics firm BlockScience. Inspired by the launch of Uniswap, the firm identified the unique opportunity in mobilizing retail liquidity and developed a protocol composed of numerous public and private liquidity pools.
As The Block previously explained, Balancer is, in essence, a generalized implementation of Uniswap's Automated Market Makers (AMM) model and the concept has attracted broad interest from participants of the Open Finance ecosystem.
In a Tuesday announcement post, the firm disclosed that it had completed a $3 million seed round led by Accomplice and Placeholder with participation from CoinFund and Inflection.
Balancer is now going through a closed beta and is set to become available to the public by the end of March, according to the post. The protocol has been audited by security company Trail of Bits and the smart contracts have been put up on the Ethereum mainnet.
Correction: This report has been updated to show that the smart contracts have been put up on the Ethereum mainnet, not "Balancer's mainnet."