EthNano Secures $5M Seed Funding for Multi-Chain DeFi Platform

A Bangkok-based decentralized finance (DeFi) platform called EthNano has secured $5 million in seed funding, announced in August 2024. The company plans to expand its user base and add features to its multi-chain platform.

EthNano supports multiple blockchain protocols, including Ethereum, Binance Smart Chain, and Polkadot. Its goal is to enable users to move across networks and stake assets across chains, with cross-chain staking as its core feature.

The seed round of $5 million puts EthNano in the top 5% of seed deals for fintech companies in Australia, based on comparable rounds tracked by Dealroom. This places it among larger early-stage raises in its category.

However, DeFi platforms face challenges related to security, with smart-contract exploits being a recurring risk across the sector. EthNano relies on audits and smart-contract technology to protect users, but operates in a volatile, lightly regulated market.