The General Protocols startup is developing its Decentralized Finance (DeFi) vision on Bitcoin Cash after raising more than $1 meg in a seed funding round.

This round of funding allows the Singapore-based team to develop their flagship product AnyHedge on Bitcoin Cash. Anyhedge is an open source derivatives tool that exchanges and OTC desks can embed assuasive them to create new markets with smart contracts.

The funding came from investors including cryptocurrency trader Marc De Mesel and BCH 'thought leader' Molecular, and the team includes two former Bitcoin.com employees and individuals who helped build the voluntary BCH Cash fundraising project Flipstarter.cash.

DeFi is currently all nigh Ethereum

DeFi refers to digital avails and financial smart contracts, protocols and decentralized applications (DApps) congenital on various blockchains.

The President of General Protocols said:

"We are delighted that aligned investors are supporting u.s.a. in our vision to bring DeFi to Bitcoin Cash. We are building a team of dedicated supporters of peer to peer electronic greenbacks here at General Protocols."

DeFi on Bitcoin Cash faces an uphill battle due to the network furnishings of Ethereum based projects. According to defiprime.com, of the 213 DeFi projects listed, 199 are built on Ethereum, with roughly 10% being supported by other platforms such every bit Bitcoin (BTC), EOS (EOS) or Tron (TRX).

In February this year, the amount locked in the Defi market striking an ATH of $1.24 billion in USD value before dropping back to $887 million (as of press time) with 99% of that on Ethereum. Bitcoin's Lightning Network only has $ix.3 million locked (ane.05% of full value locked).

Total value locked in DeFi markets, May. 8. Source: defipulse.com

The most sincere form of flattery

Last year Bitcoin Cash released their ain version of a generic ERC-xx token via their Simple Ledger Protocol (SLP). While merely 30 SLP tokens accept been created to date, the largest stable coin Tether has launched on Bitcoin Cash.