Ground, a startup founded by Reid Cumming (리드 커밍), a co-founder of Superstate, has completed a $3.6 million pre-seed round.

According to a recent report by The Block, Ground provides a platform that helps fintech firms and asset managers access onchain yield products via an API.

The funding round was co-led by Bain Capital Crypto and ParaFi. Nascent, Robot Ventures, Chapter One and CoinFund Ventures also participated.

Ground provides an API that lets financial platforms add onchain yield products without developing their own blockchain-linked features. The onchain yield protocols it currently supports are Aave, Morpho, Maple and Kamino. It supports lending protocols, structured products and liquid staking tokens.

"The global asset management industry manages more than $147 trillion, and trillions of dollars sit idle in pre-funded accounts, neobanks and blockchain wallets," Cumming said. "As adoption of stablecoins and tokenisation increases, demand will emerge to generate yield and invest beyond holding or spending."

"Fintech firms and institutions are looking beyond stablecoins and tokenisation to onchain credit markets that offer higher yields and lower borrowing costs," Bain Capital Crypto partner Part Chopra (파르트 초프라) said. "Delivering that is not easy right now."