InstaDApp DeFi Site Raises $2.4 Million From Prominent Crypto Investors

India-based InstaDApp announced Tuesday that it raised $2.4 million to build out its smart wallet.

The goal is to help users easily execute advanced transactions through the company's decentralized finance portal.

Now, in the early days of the decentralized web, InstaDApp wants to be a window into multiple DeFi services - one that makes it easy to move assets between them.

In an email to CoinDesk, InstaDApp co-founder Sowmay Jain said his company's decentralized app is an interface to multiple protocols.

"For InstaDApp, we focused on building up a layer that acts as the mediator between the user interface and underlying protocols," Jain said.

InstaDapp currently provides interfaces for Compound, Uniswap and MakerDAO. As of this writing, InstaDApp is the fourth-largest dapp in DeFi, according to DeFi Pulse, with $30.8 million worth of assets locked in its smart contracts.

"InstaDApp is a very talented team out of India looking to make decentralized finance more accessible," Balaji Srinivasan, formerly of Coinbase and Earn.com, wrote in a blog post shared with CoinDesk prior to publication.

Notably, InstaDApp's Jain is 21 years old; fellow co-founder Samyak Jain is 19.

They have pivoted their lives to crypto, writing in a blog post shared with CoinDesk that they have dropped out of school to "Become full-on 'native DeFi.'".

InstaDApp co-founders Sowmay Jain and Samyak Jain image via InstaDApp.