DeFi Firm Usual Labs Raises $7M Round Led by Kraken Ventures and IOSG Ventures

Usual Labs, the firm behind the decentralized finance (DeFi) protocol Usual, has raised $7 million and received $75 million commitment in total value locked (TVL) for the launch of its stablecoin USD0, the company said in a statement on Wednesday. The French company raised money from more than a hundred firms, including two leading co-investors, IOSG Ventures and Kraken Ventures. The $75 million in TVL consists of investments from the company’s direct investors and from entities and individuals within the ecosystem. The fundraising will allow Usual Labs to prepare for the pre-launch of its USD0 stablecoin on the Ethereum mainnet in the second quarter, the company said.

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