deFIRE, a decentralized finance (DeFi) platform on Cardano, announced on Thursday that it has raised $5 million in a funding round ahead of its upcoming initial dex offering (IDO).
According to the press release shared with Finance Magnates, the investors in the funding round include venture capitals like Axia8 Ventures, Lotus Capital, Hype Partners, Moonwhale and Newtribe Capital. Several individual investors also participated in the funding round.
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The startup will use the proceeds to scale its operations by investing in infrastructure and other resources. In addition, it will allow deFIRE to leverage its early-market token liquidity, build a community around its product and weigh the market for its upcoming DEX offerings.
Filling the Gaps of DeFi
deFIRE is leveraging Cardano’s blockchain to develop its platform, which aims to address the problems of DeFi on existing networks. It focuses on bridging the gap between transacting parties and ensures optimal execution of its services across DEXs.
The project is using the cross-chain liquidity of Changelly and will offer several services like order routing, token swapping and acting as the intermediary between transactions.
Commenting on the latest funding, Changelly’s CEO, Eric Benz said: “We are thrilled to announce the successful conclusion of the private round led by some of the largest and most active investors in the rapidly expanding DeFi space.”
“deFire leverages DLT and a contemporary market architecture to revolutionize the high-performance trading landscape by significantly and transparently enhancing order execution quality for institutions and individuals alike. Working alongside I am sure we will bring a lot of value and liquidity to the Cardano ecosystem.”
Furthermore, the project was incubated by Occam.Fi and is preparing to make a debut of its tokens as an IDO on OccamRazer, the fundraising launchpad of Occam.Fi.
“DeFi is growing at an accelerated pace. Cardano will be the go-to destination for massive flows of on-chain liquidity once smart contracts are released,” said Mark Berger, President of the Occam Association.