Founder of defunct Midas Investments launches new DeFi investment platform Locus Finance

Iakov Levin, founder of the defunct custodial crypto investment platform Midas Investments, has launched a new decentralized finance platform.

Locus Finance will give users access to high yield-bearing tokenized vaults, the company said in a statement. Locus will initially offer three yield-bearing products pinned on Ethereum staking, DeFi growth and Arbitrum trading. 

"Investors don’t want to worry about blockchains, protocols, transaction costs, and daily portfolio management," Levin said in a statement. "They need specific exposure in a set-and-forget style. Vaults represent a unique approach necessary for maturing the retail yield market, allowing for optimal wealth generation for retail investors."

Founded in 2018, Midas Investments amassed over $250 million assets under management at its height in 2021. However, after market conditions turned in 2022, Midas lost over $50 million.

Levin announced the closure of Midas Investments in December of the same year.