Crypto VC firm Spartan Capital invests in Pendle to drive DeFi growth

Singapore-based digital asset investment firm Spartan Group has announced an investment in the decentralized finance (DeFi) procedure Pendle Finance (PENDLE). The size of the investment was not disclosed.After actively supporting Pendle since its launch in 2021, Spartan Groups crypto endeavor capital arm Spartan Capital has actually made a follow-on financial investment in Pendle Finance through a non-prescription, or OTC, purchase.The company highlighted that Spartan and Pendle have actually had a strong collaboration given that the DeFis project beginning, keeping in mind that the most recent financial investment aims to support the job in its more ambitions.Spartan Capital has been with Pendle considering that the very start of our journey because the days of Pendle V1.Its an honour to connect hands with among our longest fans once again on our next leg of journey, as we make every effort to improve the crypto landscape together https://t.co/7C1t8g5DQu— Pendle (@pendle_fi) November 9, 2023

” At Spartan Capital, we recognize the transformative potential of Pendle and their essential function in driving the improvement of on-chain yield trading,” Spartan noted.Spartan mentioned that Pendle has been gradually emerging as a major DeFi protocol, with overall value locked (TVL) rising more than 2,000% in a year from November 2022, according to data from DefilLama. The VC company revealed confidence that Pendles solutions like Liquid Staking Derivatives and its yielding job, the Real World Assets, will assist bring more off-chain capital to the industry.Pendle Protocol TVL. Source: DefilLama” The merging of Liquid Staking Derivatives and Real World Assets provides an extraordinary development chance for the DeFi sector,” Spartan Capital handling partner Kelvin Koh said, adding:” Their yield trading toolkit is created to complement and bring value to any digital, yield-bearing assets, which also indicates that Pendle will be in a distinct position as an accelerant for more future DeFi advancements.” Spartans optimism about DeFi comes amid the markets failure to acquire much momentum in 2023. Despite overall DeFi TVL edging up about 18% because the start of the year, the market has not handled to reach early 2022 levels and is down 279% from the all-time highs above $177 billion recorded in November 2021. Total DeFi TVL historically. Source: DefilLamaRelated: Bitget incorporates DeFi aggregator into crypto exchange appIn contrast to DeFi, some other markets like Bitcoin (BTC) have been surging significantly this year. The worlds largest cryptocurrency has actually included more than 120% considering that January after starting the year at around $16,600, according to information from CoinGecko.Despite the DeFi-related financial activity dropping considerably in 2023, the sector has seen substantial financing. Earlier this year, endeavor capital group Blockchain Capital announced two brand-new funds, totalling $580 million, targeting the DeFi advancement together with video gaming and infrastructure investment.Spartan Capital did not right away react to Cointelegraphs request for comment.Magazine: DeFi Dad, Hall of Flame: Ethereum is woefully undervalued but growing more powerful