DeFi Asset Tracking Protocol Tranchess Raises $1.5 Million in Seed Round

Tranchess have successfully raised $1.5 million in a seed round led by Three Arrows Capital and Spartan Group recently; Alongside other participating investors include Binance Labs, Longhash Ventures, IMO Ventures and a few DeFi KOL individuals.

Tranchess has been under development for almost a year now and had recently launched on Binance Smart Chain. Tranchess provides different risk/return matrix out of a single main fund which tracks a specific underlying asset (BTC as a start), aiming to serve users with various risk appetite. Tranchess has also concluded its audits by both PeckShield and Certik.

The raised capital will allow the project to continue its expansion towards becoming a multi-chain asset tracking solution and complete the development of its DAO. Tranchess team hopes to hand over the management of the protocol to the DAO by the 4th quarter of 2021, together with their 2.0 applications.

“We are excited to see asset management solutions being offered by Tranchess which generate BTC-yield products via genuine peer-to-peer economic activity. We believe the yields offered to both BTC and stable-coin denominated investors via this unique way of matching will find tremendous product-market fit,” said Su Zhu, co-founder of Three Arrows Capital.

“Tranche protocols and the fixed income space is shaping up to be the next big wave in DeFi that will bring in completely new participants. We look forward to supporting Tranchess in building out a key pillar in this vertical,” Spartan Group general partner Jason Choi added in the statement.

Tranchess Protocol is a chess themed DeFi yield-enhancing asset tracker platform with varied risk-return solutions. Tranchess went live in June 2021 and is looking to add more functionalities and underlying assets in the near future.

(For our earlier Medium article — Introducing Tranchess, please click here.)