OpenTrade, an on-chain institutional lending and yield products platform, raised $3.2 million in seed funding. 

The a16z Crypto Startup Accelerator (CSX) participated in the round. Other backers include CMCC Global, Draper Dragon, Ryze Labs and Plassa Capital. OpenTrade's total funding to date is now $4.45 million, and the firm intends to use its fresh financing to grow its team across all key functions, the firm's co-founder and Chief Commercial Officer Jeff Handler told The Block. 

OpenTrade is built on the payment and DeFi infrastructure from Circle, the stablecoin issuer behind USDC and EURC. Through OpenTrade, regulated asset managers can create on-chain lending products that can bear yield, depositing USDC or EURC into on-chain vaults with certain investment criteria and …