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Friday, February 3, 2023

Sommelier Finance raises $23M Series A Round led by Polychain Capital

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The Series A was led by Almeda Ventures, Byzantine Ventures, and Polychain Capital, along with many other investors. Zaki Manian, the co-founder of Sommelier, remarks that the company is bringing in an absolutely unique approach to portfolio management and financial engineering. Sommelier is the first of its kind automated and decentralized DeFi platform. This is helpful for managing portfolios. Bagging a whopping amount of $23M from its investors, it has been a good round for the company.

Sommelier becomes dependable middleman, acting as a co-processor and providing them with never-seen-before tools for complex management of liquidity. Portfolio management becomes promising for the disruption of crypto. Other DeFi trading platforms like Sushiswap, Uniswap, and Curve, have already given a peek into the opportunities of DeFi. The CEO of Polychain Capital, Olaf Carlson-Wee, remarks that Sommelier is bringing in groundbreaking development in traditional portfolio management.

With large amounts of capital, liquidity providers can utilize Sommelier’s Pairings to manage their capital across Uniswap v3 instantly. As LPs realize this value proposition, Sommelier has seen unparalleled growth. Consisting of the Cosmos Stargate SDK, Sommelier is the only powerful coprocessor for DeFi. With the Sommelier blockchain, Sommelier is looking forward to total automation in liquidity management. With this funding, Sommelier now can bring the appropriate product at the right time for the market.

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