Cross-chain decentralized finance (DeFi) hub Umee’s token sale on CoinList successfully acquired $32 million in capital injection via fundraising, amid user interest on the platform is at an all-time high. 

Specifically, CoinList reportedly revealed that over 922,000 CoinList accounts had completed their registration for options 1 and 2 of the UMME token sale, which is the biggest number recorded for a token sale, on the platform. 

In conclusion, approximately 63,000 accounts reportedly contributed.

A Medium post issued by the Umee team on December 30th further revealed that the freshly acquired funds will be channeled towards widening the scope of the development and engineering teams. 

The beta web app for the platform is reportedly commenced to be released “in the coming days,” and the mainnet is scheduled to go live by mid-February.

The $32 million raise has reportedly secured the fifth spot in the list of top major CoinList-based public raises throughout 2021. This additionally helped it acquire a standing in the bandwagon of top public token sale rounds in 2021, with BitDAO (BIT), which raised more than $430 million, GuildFi (GF), which raised over $139 million, and others.

It reportedly adds to the previously secured sum of $6.3 million in June, via its first private funding round led by Polychain Capital, Alameda Research, Coinbase, CMS Holdings and others.

Umee reportedly functions as a decentralized platform, offering facilitating features for cross-chain leverage trading and yield staking. Its website claims it possesses the ability to assist users with “discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner.”

It is led by Brent Xu, a contributor to Ethereum and Cosmos, who views DeFi as “the most innovative concept in crypto.” The team has a primary target of working towards ideas and tech, utilized by Tendermint on Cosmos, which offers support for separate layer-one blockchains to achieve interoperability.