Umoja will use the funds to democratize retail access to digital investment strategies through its smart money protocol.
Smart money protocol Umoja has successfully closed a $2 million extension to its initial seed funding round, bringing the total amount raised to $4 million.
Umoja aims to use the funds to democratize access to its smart money protocol, which offers automated investment strategies enabling tokens to self-trade, hedge against market volatility and optimize yield.
By accessing tokenized strategies, or “Synths,” in the Umoja decentralized application, users can create financial instruments, such as delta-neutral stablecoins similar to Ethena’s USDe synthetic dollar, and hedged assets, like zero-downside Ether (ETH) contracts, according to a March 19 press release shared with Cointelegraph.
