🎉 CoinDeskBlue comes out of stealth with a $3.3M raise to bring institutional capital to DeFi 

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Blue comes out of stealth with a $3.3M raise to bring institutional capital to DeFi

Blue, formerly known as IdentDeFi, is excited to announce its multi-chain, multi-protocol permissioned DeFi ecosystem. The solution, also known as the Blue Network, will allow institutional and retail users to trade nearly all DeFi protocols with KYC/AML verified counterparties.
After placing as a finalist at the ETHDenver 22’ Hackathon back in March, Blue continued to build out its permissioned DeFi offering in stealth. Since then, Blue has participated in Outlier Venture’s DeFi Base Camp Accelerator, Binance’s Most Valuable Builder (MVB) Program, and Startup with Chainlink’s Incubator. Blue has also raised $3.3M in capital since its inception.
Blue’s first fundraise was a $100K pre-seed round from Outlier Ventures. The fundraise was part of its admission to DeFi Base Camp, a three month, fully remote accelerator program that provides direct support across all areas including engineering, business development, marketing, legal, etc. The initial capital provided the team with basic resources to jumpstart development on Blue’s core offering, Safe Tokens.
Upon graduation of DeFi Base Camp in early July, Blue raised a $3.2M seed round. The capital raise was co-led by Blockchange Ventures and Fenbushi Capital, and received participation from DoraHacks, Knollwood Investment Advisory, Gate.io, and Wave Financial. The fresh capital has allowed Blue to complete security audits from Halborn and Verilog Solutions. Blue plans to use the remaining capital to expand Blue’s core team and bring its permissioned DeFi solution to market in Q1 2023.
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The Blue Network allows any DeFi protocol to be traded in a permissioned manner. The primary offering is a Safe Token, an ERC20 Wrapper Token that can only be traded by KYC/AML verified wallets. Safe Tokens can wrap around any ERC20 token to automatically enforce KYC/AML checks on the wallets involved in a trade. KYC/AML verified wallets are recognized by BlueID, a credential aggregator that allows users to attest to claims such as KYC, AML, Jurisdiction (i.e., Non-U.S.), and more.
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Major protocols like Uniswap, Curve, Balancer, and more will be available for KYC/AML trading upon launch. A variety of DeFi markets and products will be available for trading on the Blue Network, including exchanges (i.e. AMMs, order-books), derivatives, bridges, and more across Ethereum and Polygon. More EVM compatible layer 1 and layer 2 chains will be added throughout 2023 as the Blue Network scales its permissioned DeFi ecosystem.
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Blue is working with several major institutions and protocols across a variety of use cases that require KYC/AML verified DeFi trading. Blue will launch its permissioned DeFi offering in Q1 2023.
If you would like to get in touch with the team, please reach out to Casper Yonel at casper@blue.fi. If you would like to explore open positions at Blue, including engineering and business development, please reach out to admin@blue.fi.
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