Russia’s businessman and ex-banker Alexander Lebedev all set to launch a DeFi project

Russia's businessman Alexander Lebedev aims to push his new project InDeFinEco into the top 10 DeFi projects within the coming months of launch.

By · Oct 3, 2020 . 6min read

Russia's businessman launches a DeFi project news

Former owner of National Reserve Bank of Russia, Alexander Lebedev is the latest big fry and businessman to be eyeing to launch a DeFi project in the coming months.

According to a recent publication by RBC, Lebedev will be launching the DeFi startup alongside his partner Sergey Mendeleev, who owns and runs Garantex cryptocurrency exchange. Together they plan to raise to $15 million funding for the DeFi project to help with bootstrapping liquidity. Speaking with RBC on how it will deploy the funding for the startup, Lebevec said

“From the point of view of development, the DeFi project does not require serious investments, we and our partners are ready to finance a startup. At the same time, it will be necessary to fund the issue of stablecoins required for the operation of the system, and here it will be necessary to hold down $ 10-15 million, ”

Obviously, Lebedev must have been paying attention to the budding DeFi sector and its sudden growth this year. And since DeFi users can leverage its permissionless nature, Lebedev says his startup is “not specifically aimed at the Russian market,”. Moreso, Russia’s businessman DeFi project dubbed InDefinEco will have its operational base from Switzerland. This should help it receive the necessary license for custody services.

Lebedev is not aiming small, as he hopes that InDeFinEco will enter the top 10 DeFi projects in the industry. A confident Lebedev while sharing his thoughts on how to achieve this feat said

“In absolute figures, this means about $ 500 million of attracted investments in the liquidity pool. Negotiations with potential investors are underway, but it is too early to disclose them. “

Anonymous DeFi project slows down; Russia’s oligarch interest may spark up a new wave of startups.

DeFi’s saw a recent explosive growth, with the birthing of new concepts like yield farming and liquidity. Amidst the gains, we saw the proliferation of scam projects. Many of them were created by anonymous founders who could easily stage “rug pulls” leaving degens to hang out dry. However, before that, prominent projects like Compound, Ampleforth, etc., raised funding from VC investors. But due to the craze, “copy and paste” projects kept popping up. And as we came to see, newer projects began pushing the “fair launch” mantra. Basically saying no pre-mine, no VC investment and that the community own 100% of these projects.

But as we saw with SushiSwap, it’s easy to promise something and do otherwise, the case where Chef Nomi dumped SUSHI abruptly. Already USDC and Tether, which still has some elements of centralization, are doing well. Other top DeFi projects like Compound, Maker, Aave etc. are equally doing well. Perhaps Russia’s businessman has a sustainable business model in these DeFi projects, perhaps his interest.

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