Blockchain technology company Fyde Treasury, founded by a former NASA scientist, has successfully closed a $3.2 million seed funding round. The round was led by OP Crypto Ventures, with participation from Arrington Capital, Big Brain Holdings, Merit Circle, and other notable funds and angel investors.
Fyde Treasury aims to address the critical challenge of managing and scaling on-chain crypto treasury holdings. The company’s team, with backgrounds from global financial institutions, academia, and web3, has developed a non-custodial “liquid vault” solution for secure and effective management of cryptocurrency treasuries.
Key points about Fyde Treasury:
Leadership Background: Fyde’s founding team includes members with distinguished PhD backgrounds and research positions from institutions such as Stanford, Cambridge, and UCLA, along with business degrees from London Business School.
On-Chain Treasury Management: Fyde Treasury offers a non-custodial, liquid vault solution for managing on-chain crypto treasury holdings. Users deposit various digital assets into the liquid vault, retaining ownership while gaining enhanced performance. The solution provides a systematic approach to risk mitigation in decentralized finance (DeFi).
Incentivized Trading: Users of Fyde Treasury are incentivized to trade the liquid vault token $TRSY, creating a reliable and efficient payment avenue.
Simulation Engine: Fyde Treasury’s protocol is stress-tested and optimized using a simulation engine. This engine employs heuristic and stochastic agent-based modeling to simulate tokenomic designs and create aligned incentive structures among blockchain companies, decentralized computers, and token holders.
Launch on Ethereum: The Fyde Treasury Protocol was launched on Ethereum in December 2023. The company invites users to join during the liquidity on-ramping process and accrue FYDE points.
The seed funding injection will propel Fyde’s mission to address the challenges of overseeing multi-billion dollars of on-chain crypto treasury tokens. The need for a decentralized solution has become urgent amid setbacks faced by centralized crypto companies, increasing volatility, and growing instability in conventional banking systems. The funding round positions Fyde Treasury to further develop and enhance its crypto treasury management solution.