Three Arrows Capital Backs $10M Raise for DeFi on Cardano

Three Arrows Capital Backs M Raise for DeFi on Cardano
Cardano’s decentralized finance (DeFi) ecosystem may be showing glimmers of primordial life following the close of a $10 million raise for Ardana, a new protocol that aims to provide stablecoin minting and exchange services.The round was led by Three Arrows Capital and Ascensive Assets, with participation from Morningstar Ventures and Mechanism Capital.Ardana co-founder Ryan Matovu told CoinDesk in an interview that in many cases this will be the first Cardano-native project many of the participants have invested in – perhaps a sign that institutional investors are beginning to believe in the chain as the next emergent DeFi hub.“Cardano is going…