The fervor for decentralized finance (DeFi) has been growing among crypto traders, with a marked preference for self-custodial platforms that are user-friendly. Glider, a self-custodial DeFi platform for crypto trading, plans to cater to this demand.
However, DeFi platforms have been somewhat stagnant, lagging behind centralized exchanges (CEXs) due to a conspicuous absence of user-friendly features. To bridge this gap, Andreessen Horowitz, a leading venture capital firm, spearheaded a funding round for Glider, successfully raising $4 million.
Glider aims to meld artificial intelligence (AI) with DeFi, automating fund management for users. Instead of manually executing every trade, users can leverage AI to manage their portfolios. This could potentially include selecting a few coins, identifying trending tokens, or creating a diverse basket of crypto assets based on predetermined criteria.
In addition to these features, Glider ensures that users maintain full custody of their assets, thereby enhancing security. This differentiates Glider from other asset managers like Bitwise and Grayscale, according to co-founder Brian Huang. “It’s a lot like these traditional finance advisors, but we do it completely non-custodial,” he explained.
Venture funds including Coinbase Ventures, Uniswap Ventures, and GSR also contributed to the funding round. However, Glider did not disclose the valuation at which these funds were raised, despite the fact that the platform has not yet been officially launched.
Although Glider’s technology is still undergoing testing, the company plans to roll out its platform in the coming months. The business model will revolve around charging a management fee, taking a percentage of the users’ assets under its management.
Last year, AI emerged as one of the hottest trends in venture capital, with investors growing increasingly comfortable with the idea of AI in investment. A 2023 survey revealed that one in three U.S. investors were comfortable receiving investment advice from a tool powered by generative AI.
Glider’s fusion of DeFi and AI could potentially be a game-changer in the world of crypto trading. As anticipation builds for its launch, it will be interesting to see how Glider’s unique approach influences the wider crypto market and whether it will indeed fill the user-friendly gap in the DeFi domain.
