Meridian Secures $4M in Seed Funding to Revolutionize DeFi on Movement
Decentralized liquidity marketplace and liquid staking platform aims to catalyze Move-based DeFi ecosystem
HONG KONG, Sept. 24, 2024 /PRNewswire/ – Meridian, a decentralized liquidity marketplace and liquid staking protocol built on Movement, has raised $4 million in seed funding. The round, co-led by ParaFi Capital and Borderless Capital, saw participation from Amber Group, Saison Capital, Interop Ventures, and Oak Grove Ventures. Meridian aims to spearhead the Move-based DeFi ecosystem on Movement, a network of blockchains created by Movement Labs.
Meridian is poised to become the central liquidity and yield hub of the Movement ecosystem, enabling partner protocols to build deep liquidity in a capital-efficient manner while offering users secure, productive yield on their assets. The protocol is currently live on testnet and is scheduled to launch on day one of Movement’s mainnet, marking a significant milestone for the Move ecosystem.
Adam Cader, Co-Founder of Meridian, explained: “This funding round is a significant milestone for Meridian and the broader Move ecosystem. We’re building a platform that will not only enhance liquidity and yield opportunities but also showcase the unique advantages of Move-based smart contracts. Our goal is to create a seamless, efficient, and secure DeFi experience that will attract both users and developers to the Movement ecosystem.”
Rushi Manche, Co-Founder of Movement Labs, added: “Meridian’s successful seed round is a testament to the growing momentum behind Move-based DeFi. As the ecosystem matures, Meridian will play a crucial role in aggregating liquidity and providing essential financial primitives. This funding will accelerate the development of a robust, secure, and highly composable DeFi landscape on Movement.”
The Move ecosystem currently represents only a fraction of total on-chain liquidity and trading volumes compared to existing EVM and SVM solutions. Meridian aims to bridge this gap by leveraging the security and composability of the Move language. The platform will work closely with various restaking protocols and yield-bearing asset issuers to provide a highly secure and composable infrastructure for DeFi activities.
Alpen Sheth, Partner at Borderless Capital, added: Movement is enabling the next generation of secure, accessible blockchain platforms powered by MVM (Move Virtual Machine) and Meridian is building the financial primitives to power the entire ecosystem as a first mover. We are thrilled to back the team and their vision.
With this injection of capital, Meridian plans to expand its global team, actively hiring across engineering, product, and marketing roles. This growth will support the platform’s ambitious roadmap and accelerate its go-to-market strategy.
About Meridian:
Meridian is a decentralized liquidity marketplace and liquid staking protocol natively built on Movement, enabling users to seamlessly trade and earn with their assets. By providing a secure and efficient platform for DeFi activities, Meridian aims to become the cornerstone of the Move-based financial ecosystem.
About Movement Labs:
Movement Labs is the innovative force behind Movement, an ecosystem of Next-Gen, Modular Move-Based Blockchains. It empowers developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems.
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SOURCE Meridian
