Last Updated on March 2, 2023 by Bitfinsider

Insrt Labs, the primary developer of the Insrt Finance system, has received $2.2 million in pre-seed financing.

Thursday, Insrt Labs announced that Hashkey Capital and Infinite Capital co-led a funding round in which Sky9 Capital, Polygon’s director of DeFi Hamzah Khan, and others participated. The financing was accomplished through a straightforward deal for future coins (SAFT), according to Lauris Zvirbulis, co-founder and CEO of Insrt Labs.

Zvirbulis, Daniel Tsoy, and the pseudonymous crypto dealer “hentai avenger” alias Steven established Insrt Labs in March 2022, according to Zvirbulis. In December of 2017, the Insrt Finance protocol went live, allowing users to obtain NFT exposure and make returns.

ShardVaults, the first product of the protocol, allows users to obtain “fractional NFT spot exposure mixed with passive yield harvesting,” as stated on its website. “We think that NFT finance primitives should prioritize acquiring the 30,000 daily active NFT trading user base over pure DeFi yield producers, given that the vast majority of new wallet transactions involve NFTs,” Zvirbulis said.

In addition to spot NFT exposure, the total value secured or TVL in ShardVaults is presently $600,000, according to Zvirbulis, who added that Shard holders can produce a 13%-15% yearly yield. Shards are non-fungible tokens that reflect fractional possession of a ShardVault’s basic non-fungible token. The fundamental NFT is then utilized to produce output.