Crypto startup Hourglass has completed its investment round to promote its new product.
Hourglass completed its investment tour by introducing its new product. The company raised $4.2 million in a seed round led by Electric Capital.
Over $4M Raised in Hourglass Investment Round
Hourglass has raised $4.2 million in a seed round led by Electric Capital and has now launched its first marketplace to trade Time-Bound Tokens (TBTs), a concept that tokenizes staked assets in a decentralized finance (DeFi) protocol.
The purpose of the marketplace is to allow users to trade their place in exchange for their locked assets. This means that a user transfers ownership of an asset locked in a protocol to another buyer.
Charlie Pyle, the founder of Hourglass, made the following statements about the project:
“Basically, you can take a time-bound token and then easily transfer ownership.”
Hourglass’s marketplace launch arrives this week when Lido’s Version 2 is rolling out. The startup, otherwise, “could block the way out for weeks or even months,” the company said in a press release. He said that Lido will tokenize the withdrawal order. This will allow users to “trade their place” to withdraw their staked ether and gain liquidity at the same time, he said.
