Cryptocurrency Incubator Obex Completes $37 Million Funding

BlockBeats News, November 19, according to CoinDesk, cryptocurrency incubator Obex has completed a $37 million financing round, with the specific investment team yet to be disclosed.

The new funds will be used to support the development of yield-bearing stablecoins led by Framework Ventures, LayerZero, and the Sky ecosystem. The initiative aims to invest in and fund projects that bring real-world asset (RWA)-backed strategies on-chain, introducing institutional-grade risk controls and underwriting practices to this rapidly evolving space.

Obex will become the latest fund allocator under Sky (formerly known as MakerDAO). Sky is the entity behind the DAI and USDS stablecoins, with a combined market cap of $9 billion. Through Obex, Sky will utilize its significant protocol reserves to provide expansion funding for projects and earn returns from these strategies.