Integrated DeFi Hub OpenSwap Raises $1.5M in Latest Funding Round
[PRESS RELEASE – Hong Kong, Hong Kong, 23rd August, 2021]
OpenSwap, the interchain DeFi Hub and liquidity booster for traders, has raised $1.5 million in its latest funding round.
Led by prominent VC firms NGC Ventures and Coin98 Ventures, the round attracted investment from BR Capital, Legos Capital, Double Peak Group, Prime Block Capital, Illusionist Group, and All In Ventures. Several notable angel investors also contributed.
The latter group included StakeDAO CEO Julien Bouteloup, a core member at Curve Finance and the inventor of flash loans; CREAM Finance Founder Leo Cheng; Frontier DeFi Aggregation Layer Founder Ravindra Kumar; and blockchain veteran Mark Borsten.
The funds will be used to support OpenSwap’s ongoing technological developments including tools and functionalities such as its pioneer solution for liquidity, known as liquidity queues.
“The OpenSwap team has been constantly innovating with their interchain swaps as well as hybrid smart routing, and we at NGC are thrilled to be part of their journey thus far,” said Roger Lim, Founder of NGC Ventures. “With Bruce and Tony at the helm, OpenSwap are in good hands and we’re looking forward to seeing more from them!”
“We’re excited to back the Openswap team, which has shown their passion and solid ability to grow in this ever-changing DeFi space,” added Coin98 Finance Founder Thanh Le. “Sharing the same vision of a multi-chain future with us, we believe the team will realize their ultimate goal of making liquidity interaction across blockchains the most efficient for users with relentless innovations.”
The bootstrapping round follows OpenSwap’s recently unveiled strategic partnership with Impossible Finance, a multi-chain incubator, launchpad, and swap platform. The Impossible Finance team, along with Coin98, have both provided support for a whitelist allocation campaign worth $10,000 currently hosted on OpenSwap ahead of the launch of its native token, $OSWAP.
With a simple-to-use platform and real-time data, the team hopes to empower customers to make informed swap decisions and acclimate to zero slippage. OpenSwap’s beta is currently live, with its pioneering features such as liquidity queues and its token launch soon to be introduced.
For more information about OpenSwap, please visit their official website at openswap.xyz.
OpenSwap, developed by IJS Technologies, is an interchain, decentralized liquidity booster for traders seeking concentrated, sustained liquidity. With the backing of Impossible Finance and technology contributions from IJS Technologies, an OAX Foundation grantee, OpenSwap has introduced a new feature called liquidity queues, which are equipped with a secure adapter protocol that opens the door to a new type of secure swapping. Traders can take advantage of trusted, oracle-based pricing and liquidity providers gain access to controls and safety measures while earning transaction fees. The team’s goal is to empower users to make smart swap decisions based on real-time and reliable data on an easy-to-use platform, and to facilitate zero slippage.
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