Spartan Group Invests in Pendle Finance
Singapore-based digital asset investment firm Spartan Group recently disclosed an investment in the decentralized finance (DeFi) protocol Pendle Finance. Although the exact size of the investment was not revealed, Spartan Capital, the company’s crypto venture capital arm, has been actively supporting Pendle since its launch in 2021. The recent follow-on investment in Pendle Finance was made through an over-the-counter (OTC) purchase. The firm emphasized that they have had a strong partnership with Pendle since the project’s inception and that the latest investment aims to support the project in its further ambitions.
Spartan Capital has been with Pendle since the very beginning of our journey since the days of Pendle V1.
It’s an honour to link hands with one of our longest supporters once more on our next leg of journey, as we strive to reshape the crypto landscape together https://t.co/7C1t8g5DQu
— Pendle (@pendle_fi) November 9, 2023
According to Spartan Capital, they recognize the transformative potential of Pendle and their pivotal role in driving on-chain yield trading advancement. They mentioned that Pendle has been steadily emerging as a major DeFi protocol, with total value locked (TVL) surging more than 2,000% in a year from November 2022.
Pendle’s Contributions to DeFi Sector
Spartan expressed confidence that solutions like Liquid Staking Derivatives and Real World Assets from Pendle will help bring more off-chain capital to the industry. They noted that “The convergence of Liquid Staking Derivatives and Real World Assets presents an exceptional growth opportunity for the DeFi sector.”
DeFi Market Perspective
Despite total DeFi TVL edging up about 18% since the beginning of 2023, it has not managed to reach early 2022 levels and is down 279% from all-time highs recorded in November 2021. In contrast to DeFi, Bitcoin (BTC) has been surging notably this year with a gain of more than 120% since January.
Conclusion
The recent investment by Spartan Group in Pendle Finance underscores their confidence in the growth potential of DeFi projects like Pendle despite challenges faced by the industry this year. This move also reflects their long-term commitment to supporting innovative initiatives within the crypto space.
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