DeFi Protocol Euler Gets $32M From Coinbase, FTX To Diversify DAO

Euler said it has raised millions of dollars via a “DAO treasury diversification round,” valuing the budding DeFi protocol at $375 million

article-image

Blockworks exclusive art by Axel Rangel

share
  • DeFi lending protcol Euler is looking to diversify its decentralized autonomous organization ahead of launch
  • Venture capital arms of Coinbase, FTX as well former Andreessen Horowitz alum Kathryn Haun’s Haun Ventures were involved in the round

DeFi lending protocol Euler said Tuesday it has received millions in fresh funding from industry veterans in a bid to diversify its DAO treasury.

The $32 million funding round was led by San Francisco-based venture capital firm Haun Ventures — founded earlier this year by former Andreessen Horowitz general partner Kathryn Haun.

Euler’s round also included support from the venture arms of prominent crypto exchange providers Coinbase and FTX, as well as venture capital firms Jump Crypto, Jane Street, Variant and Uniswap Labs Ventures.

Its latest raise, classified as a “DAO treasury diversification round,” places the 2-year-old firm’s valuation at $375 million, a spokesperson told Blockworks. Despite the market slump, DeFi (decentralized finance) continues to experience considerable activity, as evidenced by more than $105 billion in total value locked in smart contracts, Blockworks data shows.

Founded in 2020, Euler is a noncustodial protocol comprised of a set of smart contracts based on the Ethereum blockchain. Its platform allows users to lend and borrow most cryptocurrencies via risk-based asset tiers, according to its white paper.

“Euler takes a unique approach to addressing the risks associated with lending and borrowing crypto assets that stood out to us as exemplary in DeFi,” Haun said in a statement. “These kinds of innovative solutions are particularly important since lending and borrowing protocols serve as a key cornerstone of crypto markets.”

With the aim of “democratizing the assets people can lend and borrow,” the platform attempts to shield users from sudden decreases in an asset’s price, as well as subsequent liquidations that fail to adequately repay a borrower’s debt.

Euler says it structures the associated risks by placing cryptoassets into categories via its “isolation-tier,” “cross-tier,” and “collateral-tier” offerings. The hope is that by classifying the various risk profiles, users stand more ready and aware of what they are purchasing.

“When creating Euler, our main goal was to avoid the many necessary steps required to list assets on other protocols while ensuring that the risks associated with this type of lending and borrowing could be addressed properly and mitigated,” Euler founder Michael Bentley said.

“This raise was always about bringing onboard ecosystem partners that would contribute to good governance of the ecosystem.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin