Umoja Unveils its Breakthrough Hedging Strategy to Secure Crypto Assets Following $2M Raise
ATLANTA, Jan. 9, 2024 — Umoja, founded by Robby Greenfield, the former Head of Social Impact at ConsenSys, has raised $2M from the likes of Quantstamp, Blockchain Founders Fund, Orange DAO, Hyperithm, Psalion, and Blizzard (Avalanche) among others. This funding helps to introduce DeFi‘s first asset risk management primitive – enabling anyone to insure their market losses just as a multi-billion-dollar hedge fund would. Its goal? To enable decentralized hedging of virtually any real-world asset risk – from crypto, to fiat, to even digital bonds, real estate, and commodities, representing a $500 trillion market opportunity.
Deemed the “Yearn Finance for Risk,” Umoja enables anyone to hedge their market losses to truly benefit from the oncoming bull run.
Aside from being one of extremely few, ventured backed founders of color – championing Umoja with the support of Coinbase Ventures, Quantstamp, Blockchain Founders Fund, 500 Global – Greenfield’s blockchain career has most notably been in the social sector, where he served as ConsenSys’s former Head of Social Impact. In the role, Robby co-led some of the world’s first blockchain-for-good use cases, such as the world’s first stablecoin-based humanitarian aid program with Oxfam International, receiving the U.S. State Department’s first blockchain grant to further factory worker wellness, and helping co-found the Ethereum Foundation’s Devon Scholars program.
But how did Umoja get here? From global humanitarian aid to asset-hedging? For Greenfield, it all started in Nairobi, Kenya.
Expensive FX depreciation makes foreign investment extremely difficult. The result is that the cost of capital in some of the world’s most promising, but frequently under-resourced economies is very high. Revenue generating MSMEs across the global south – who all deserve access to credit, simply can’t afford it, as investors want risk-adjusted returns. “This isn’t just an FX issue – for the average consumer, business, and investor, hedging asset risks is a tiresome effort. The Umoja protocol was created to enable anyone to hedge the risk of everything to secure their financial wellness,” Greenfield remarked.
Greenfield is not new to the Web3 ecosystem – having been in the market since 2011, even starting his own small crypto hedge fund.
“Crypto hedging is only the beginning. Our vision is to hedge any digital asset, so that anyone can affordably hedge their risks just like a multi-billion-dollar hedge fund,” Robby stated.
“We’re thrilled to support Umoja’s innovative approach to decentralized hedging, which we believe will redefine risk management across a spectrum of assets,” said Aly Madhavji, Managing Partner of Blockchain Founders Fund.
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SOURCE Umoja
