Jayson Hobby, the former CEO of crypto lending and borrowing platform Compound, dedicated five years to making it easier for investors to leverage their crypto holdings. Last year, he departed to build a new venture alongside two other former Compound executives.
Now, the trio is preparing to launch Legend, a decentralized finance (DeFi) platform that aims to improve upon the foundation they established at Compound. On Tuesday, Legend announced the successful completion of its first funding round, securing $15 million from prominent investors, including Andreessen Horowitz (a16z) and Coinbase Ventures.
A More Accessible DeFi Experience:
Hobby explained that it is designed to be a more intuitive and user-friendly self-custody wallet compared to existing options like MetaMask or Coinbase Wallet. Unlike traditional wallets that require users to navigate multiple decentralized applications (dApps) separately, it will integrate DeFi services directly into its app, providing a seamless, all-in-one experience.
Once the app officially launches, which is currently in the testing phase, users will have a built-in self-custody wallet without needing to create an account on an external app. This approach aims to eliminate the complexity of interacting with DeFi services by consolidating key functionalities within a single interface.
Bringing DeFi to the User, Not the Other Way Around
To enhance user experience, it is collaborating with major DeFi applications to allow seamless access to a range of financial services directly within its app. Users will be able to:
- Lend and borrow assets via Compound and Morpho
- Send and receive crypto without switching between different apps
Hobby described this integrated approach as a “walled garden”, ensuring that users can interact with DeFi protocols without worrying about security risks. By pre-vetting integrated services, it aims to provide a safer environment for DeFi users by reducing the risk of interacting with unverified applications.
Scaling and Monetization Plans:
In the short term, it is focused on securing approval for the Apple App Store and building a strong user base. Looking ahead, the company plans to generate revenue through a subscription-based model, rather than relying on a native token, setting it apart from competitors like Infinex.
While Infinex also seeks to unify DeFi services, Hobby emphasized that Legend differentiates itself by prioritizing a mobile-first experience, whereas Infinex operates as a web-based platform. This strategic focus reflects its vision of making DeFi more accessible to everyday users via a streamlined mobile app.
Accelerating Growth with New Funding:
The $15 million raised in this round will be used to expand Legend’s team, enhance product development, and increase marketing efforts. Although Hobby declined to disclose the company’s valuation, he expressed confidence in Legend’s potential to redefine how users interact with DeFi.
As the DeFi space continues to evolve, Legend’s mobile-first approach and integrated ecosystem could play a crucial role in bringing decentralized finance to a broader audience.
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