DeFi outfit Catalog raises $7.5m

With waitlist sign-up now open, Catalog will be the first metaversal Decentralized Exchange (DEX) and Automatic Market Maker (AMM) for users to easily swap fungible and non-fungible assets across any blockchain. By connecting assets and existing liquidity securely across blockchains in a single, user-friendly app, Catalog provides trustless and permissionless interoperability between chains to power the future of DeFi.

With low, flat-rate processing fees of only 0.3% per transaction, Catalog users will never have to worry about the high, unpredictable, and confusing gas fees that have frustrated Ethereum users and hindered the mainstream adoption of DeFi. In addition to enabling token swaps across blockchains, users can also earn interest on the assets they hold in their Catalog accounts without having to take any additional steps such as staking or adding funds to liquidity pools.

Planned features of Catalog also include seamless on and off-ramp experiences, including the ability to link a bank account for easy deposits and withdrawals, Catalog makes the benefits of DeFi accessible to everyone. With the addition of bank account linking, Catalog users will not need to hold any existing crypto to join the platform. The intuitive user experience also makes it easy to send another user tokens just by typing their username, rather than a complicated and hard to remember wallet address.

“We know that the future of DeFi will be cross-chain and multi-chain but there’s currently no simple, decentralized way to make transactions and conduct business across different blockchains. Catalog solves this by connecting any user instantly to the entire DeFi ecosystem through one, incredibly easy-to-use app,” said Susruth Nadimpalli, Co-Founder of Ren Labs. “This is the first of many applications that will be built on the Ren blockchain to power this borderless vision and we’re incredibly excited for the future.”

“Widespread adoption of decentralized finance is hindered by the frictions in bridging across multiple chains and managing different wallets. Catalog paves the way for truly seamless experience by connecting all blockchains together and abstracting the underlying layer from users. We are excited to partner with the Ren Labs team to build out Catalog and enable an accessible, interoperable, and multi-chain future” said Jian Wang, Head of Principal Investment at Amber Group.

While Decentralized Exchanges like Uniswap on Ethereum or Raydium on Solana have become critical to swapping assets built on those specific blockchains, Catalog will enable users to swap tokens on the same chain or those on other chains in seconds. By leveraging the Ren technology that has already been used to process almost $10 billion in secure cross-chain swaps, Catalog benefits from the secure and complex cryptography leveraged by Ren that creates secret private keys unknown to even the network itself.

Catalog is a key component of the Ren Labs plan to build an ecosystem of third-party applications on the Ren layer 0 blockchain. Users can sign up for the Catalog waitlist at www.catalog.fi or join the community in Discord.
In addition to Amber Group, investors in Catalog include Multicoin Capital, Alameda Research, BlockTower Capital, Cumberland, GBV Capital, Chiron Partners, Fisher8 Capital, LedgerPrime, Bixin, ROK Capital, and PetRock Capital.