Pantera leads $7.5M round for Accountable: Exclusive
Accountable is also eyeing mid-November for mainnet launch
Andy Dean Photography/Shutterstock modified by Blockworks
Accountable raised $7.5 million in a round led by Pantera Capital, Blockworks has exclusively learned.
The round also saw participation from OKX Ventures, Onigiri Capital and KPK.
Accountable, which operates in the undercollateralized crypto credit space, raised $2.3 million at the end of 2024 and seeks to use the new capital to expand its team. Currently, there are 18 employees, but CEO Wojtek Pawlowski hopes to expand several teams, including business development.
He added that now was the right time to seek more funding because the business is “really going [in] a good direction.”
But the raise is about more than just fresh capital.
“We curated the whole list of investors as very much strategic partners that can take this product and adoption to the next level, rather than simply looking for pure cash,” Pawlowski told Blockworks. “We see tremendous demand from institutional counterparties, and everybody’s looking at it with the hope that if this plays out, then we’ll have much healthier fundamentals of this industry. And we just need to deliver.”
For Pantera, Accountable offers a “missing layer” from the last time that crypto saw credit gain popularity.
“Every major failure in crypto finance from Celsius to FTX shared one flaw: no way to verify solvency in real time. Recent market turbulence underscored the same point. Proof-of-reserves is a strong start but institutions need full visibility into both assets and liabilities,” said Nihal Maunder, partner at Pantera Capital.
“Less than two years in, it’s already verifying over a billion dollars in assets. We believe it will become the standard that institutions adopt as naturally as HTTPS became standard for the internet.”
In his last conversation with Blockworks, Pawlowski noted that his firm aims to be “the new Celsius.” But, he clarified, Accountable is seeking to build something “better” than the products offered in 2021 and 2022.
“We’re materializing the vision exactly the same as…the last time we spoke, and we are at the stage of now the execution layer with those yield options we build on our platform with this underlying trust, but then we still plan to pack them as a product that neobanks, exchanges and so on can use internally and pass it to their users,” he noted.
Accountable launched its testnet a few months ago and aims to launch its “full platform with very tier one financial institutions,” Pawlowski said. Its mainnet, he added, is set for a mid-November launch.
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