PANews October 21 news, according to The Block, Nectar Group, the developer of Bitcoin yield platform HoneyB, disclosed the completion of a $5 million seed funding round at a post-money valuation of $30 million, with investors including Portal Ventures, Peer Venture Partners, and Anchorage Digital Ventures, among others. The funding round was completed in early Q3 of this year.
HoneyB plans to launch services first to institutional clients outside the United States in Q4, and expand to retail users in Q1 of next year. The platform intends to borrow stablecoins against Bitcoin collateral and then allocate to yield strategies, targeting an annualized yield of 2% to 4% after deducting borrowing costs and fees.