Legend Raises $15M to Make DeFi More Accessible & Secure

Jayson Passion, the previous CEO of crypto lending and borrowing platform Compound, devoted 5 years to creating it simpler for traders to leverage their crypto holdings. Final 12 months, he departed to construct a brand new enterprise alongside two different former Compound executives.

Now, the trio is getting ready to launch Legend, a decentralized finance (DeFi) platform that goals to enhance upon the inspiration they established at Compound. On Tuesday, Legend introduced the profitable completion of its first funding spherical, securing $15 million from outstanding traders, together with Andreessen Horowitz (a16z) and Coinbase Ventures.

A Extra Accessible DeFi Expertise:

Passion defined that it’s designed to be a extra intuitive and user-friendly self-custody pockets in comparison with present choices like MetaMask or Coinbase Wallet. Unlike traditional wallets that require users to navigate multiple decentralized applications (dApps) separately, it will integrate DeFi services directly into its app, providing a seamless, all-in-one experience.

Once the app officially launches, which is currently in the testing phase, users will have a built-in self-custody wallet without needing to create an account on an external app. This approach aims to eliminate the complexity of interacting with DeFi services by consolidating key functionalities within a single interface.

Bringing DeFi to the User, Not the Other Way Around

To enhance user experience, it is collaborating with major DeFi applications to allow seamless access to a range of financial services directly within its app. Users will be able to:

• Trade crypto through decentralized exchanges (DEXs) like Uniswap and 0x

• Lend and borrow assets via Compound and Morpho

• Send and receive crypto without switching between different apps

Hobby described this integrated approach as a “walled garden”, ensuring that users can interact with DeFi protocols without worrying about security risks. By pre-vetting integrated services, it aims to provide a safer environment for DeFi users by reducing the risk of interacting with unverified applications.

Scaling and Monetization Plans:

In the short term, it is focused on securing approval for the Apple App Store and building a strong user base. Looking ahead, the company plans to generate revenue through a subscription-based model, rather than relying on a native token, setting it apart from competitors like Infinex.

While Infinex also seeks to unify DeFi services, Hobby emphasized that Legend differentiates itself by prioritizing a mobile-first experience, whereas Infinex operates as a web-based platform. This strategic focus reflects its vision of making DeFi more accessible to everyday users via a streamlined mobile app.

Accelerating Growth with New Funding:

The $15 million raised in this round will be used to expand Legend’s team, enhance product development, and increase marketing efforts. Although Hobby declined to disclose the company’s valuation, he expressed confidence in Legend’s potential to redefine how users interact with DeFi.

As the DeFi space continues to evolve, Legend’s mobile-first approach and integrated ecosystem could play a crucial role in bringing decentralized finance to a broader audience.

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