Necta Group, which develops the HoneyB bitcoin yield platform, has raised $5 million in seed funding.
The Block recently reported that Portal Ventures led the round. Pier Venture Partners, Anchorage Digital Ventures, family offices and angel investors also participated.
Necta Group received the investment through a SAFE structure with token warrants attached on a one-to-one basis.
HoneyB helps bitcoin holders generate returns using bitcoin. Users can borrow stablecoins against bitcoin as collateral and invest in U.S. Treasuries, bonds, credit, gold and options.
Necta Group CEO Josh Gordon (조시 고든) said, "Bitcoin is a huge asset, but there are still few ways to put it to work for returns." He explained that institutional investment products still do not accept bitcoin directly, requiring stablecoins as an intermediary.
HoneyB will launch its first product for institutional investors outside the United States in the fourth quarter of this year. It also plans to roll out a product for U.S. institutions later.
Necta Group plans to use the funds for product development, custody and lending integration, legal and regulatory work, and expanding its sales network.
Chi-gyu Hwang
delight@d-today.co.kr