Steaker Raises $1M Seed Round from Jeffrey Huang, Others

Dec 8, 2020

Yahoo Finance | 2020/12/08

Asia-focused crypto management platform Steaker announced that it has raised a seed financing of USD 1 million from individual investors.

A notable investor is Jeffrey Huang, a Taiwanese-American music, entertainment, and technology industry leader, who is also the founder of MITH and 17LIVE.

Founded by Wilson Huang in 2019, the platform has grown its asset under management to over $50 million.

Different from asset managers for high net worth individuals, Steaker emphasizes the need from the young generation and the non-knowledgeable investors.

“About 90% of the retail users, who account for 70% of the total AuM, are new to crypto,” Huang said.

Though young in his age, Huang is a veteran in the blockchain space. He has in his previous career been a Vice President and founding member of MITH and participated in the development of Ethereum’s layer-2 solution, Plasma with a grant from the foundation.

On Steaker, users can choose from five types of investment options with different risk profiles and return characteristics, backed by strategies from stablecoin lending, DeFi yield farming, to algorithm-driven arbitrage.

Without the trouble of finding a wallet, going through lengthy verification processes to register on exchanges and dealing with smart contracts, users have been able to enjoy an APR of 3.5 to 34%, as shown by the track record, and keep tabs on their crypto finances 24 hours a day.

Earlier this year, Steaker got selected to join AppWorks Accelerator (AW#20), the leading startup accelerator in Greater Southeast Asia.

“AI, Blockchain and DeFi are the major paradigm shifts happening right in front of our eyes, creating huge opportunities for startups. In Steaker, we see a team leveraging these game-changing paradigm shifts in a very promising fashion,” commented Jamie Lin, Chairman and Partner of AppWorks, also a mentor to Steaker.

Steaker is also partnering with other digital asset management companies, local crypto exchanges, DeFi projects such as Cream Finance, WageCan, dForce to expand the scope of their offerings and enhance their portfolio management capacity.

Their newly announced partnership with MaiCoin, the one-stop asset management platform provider in Taiwan, aims to bring a new level of functionality and interactivity to the product portfolio.

In the future, Huang hopes to add more decentralized features to the platform while maintaining its convenience for non-crypto users.

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