Umoja, a DeFi startup based in Georgia, secures $2 million. A number of companies supported the project, including Quantstamp, Orange DAO, Hyperithm, Psalion, Blockchain Founders Fund, and Blizzard (Avalanche).
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The funds will be utilised by the business to keep growing its development activities.
As the first DeFi asset risk management primitive, Umoja was founded by Robby Greenfield, the former Head of Social Impact at ConsenSys. It allows anyone to insurance their market losses in the same way as hedge funds do.
With a $500 trillion market opportunity, its objective is to enable decentralised hedging of almost any real-world asset risk, including cryptocurrency, fiat, digital bonds, real estate, and commodities.
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About Umoja Labs
Web3 fintech company Umoja Labs creates software for practical applications in emerging market asset management and payments. With the help of organisations like Oxfam, Care International, and Hope for Haiti, Umoja Labs has implemented its solutions to support digital humanitarian aid initiatives. It also offers accessible MSME lending and asset hedging to those who most require it.
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