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Press release content from News Direct Corporation. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from News Direct Corporation
Press release content from News Direct Corporation. The AP news staff was not involved in its creation.

Sustainable Crypto Yields: MoHash raises $6M for DeFi protocol to bring $150B stablecoin liquidity to $20T private debt in fast growing economies

June 30, 2022 GMT
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--News Direct--

Penetration of global capital into emerging market private debt is minimal and liquidity is non-existent. MoHash is providing access to global capital and liquidity to debt issued by non-bank lenders using DeFi as a tool. Crypto already has close to $150B balances in stablecoin earning high risk, unsustainable and crypto correlated yields thus providing the intersection for MoHash to unlock value as it announces a $6M seed funding round today.

MoHash is a decentralized finance (DeFi) protocol that harnesses crypto assets (namely, stablecoins) for providing access to global capital and liquidity for private debt in fast growing Economies.

Founded in 2021, Arun Devarajan and his early team have run fintech businesses lending to MSMEs, managing market risk for Asian debt assets worth $100 billion, and managing funds worth $100 million. The team also has deep expertise in launching and scaling technology platforms that have reached millions of users, and have handled more than $2 billion in TPV across the globe. Before MoHash, the team has worked at Goldman Sachs, Samsung, Amazon, Oliver Wyman and India Stack.

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“MoHash is bringing global liquidity to non bank lending in high growth economies. We believe it’s the right rocket fuel that’ll help them double their economies in the coming years.”, says Arun Devarajan, founder and CEO of MoHash.

Quona Capital and Sequoia Capital India co-led the round, which included participation from Jump Crypto, Hashed Ventures, Coinbase Ventures, Ledger Prime, and CoinSwitch along with Balaji Srinivasan, Sandeep Nailwal and Jaynti Kanani.

Shailesh Lakhani, MD, Sequoia India commented: “MoHash is bringing real world assets to DeFi users globally and providing sustainable, uncorrelated, and hard to access yields on-chain for the first time. We think that this is exactly the type of product DeFi needs - one that leverages the strengths of blockchains and helps solve a real world problem. We’ve loved working with them over the past few months and Sequoia Capital India is thrilled to co-lead this financing.”

While Ganesh Rengaswamy, co-founder and managing partner at Quona added: “MoHash’s DeFi protocol has been built for efficient liquidity provisioning across emerging markets at scale, which is very exciting to us at Quona. The solution has the potential to meaningfully bridge MSME funding gaps across the globe—starting with India—and we are delighted to be part of this company’s journey to do that.”

About MoHash

Founded in 2021, MoHash is a decentralized finance (DeFi) protocol that harnesses liquidity in cryptocurrencies for private debt in fast growing economies.

MoHash is venture-backed start-up whose investors include Quona Capital, Sequoia Capital India, Jump Crypto, Hashed Ventures, Coinbase Ventures, Ledger Prime, and CoinSwitch along with Balaji Srinivasan and Jaynti Kanani.

For more information please visit https://www.mohash.co/

About Quona Capital

Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Latin America, Africa and the Middle East (MENA), and South and Southeast Asia. Quona’s global partners are experienced investors and operators in both emerging and developed markets, and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs. Quona got its start through a strategic relationship with Accion, a global nonprofit with a legacy in microfinance and fintech impact investing.

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About Sequoia Capital India

Sequoia helps daring founders build legendary companies, from idea to IPO and beyond. Sequoia India operates in Southeast Asia and India where we actively partner with founders from a wide range of companies, across categories, including BYJUs, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller, Zomato and more.

We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, startups benefit from 50 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on.

From the beginning, universities, endowments and other non-profits have been the backbone of our investor base, which means founders’ accomplishments make a meaningful difference. For more information on Sequoia’s work in India and SE Asia, visit https://www.sequoiacap.com/india/

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Contact Details

MoHash

Bilal Mahmood

+44 7714 007257

b.mahmood@stockwoodstrategy.com

Company Website

https://www.mohash.co/

View source version on newsdirect.com: https://newsdirect.com/news/sustainable-crypto-yields-mohash-raises-6m-for-defi-protocol-to-bring-150b-stablecoin-liquidity-to-20t-private-debt-in-fast-growing-economies-540398415