Money

A Solana DEX Secures $ 18 Million Financing from Three Arrows Capital and Coinbase Ventures

The Solana ecosystem project, Orca, concluded a $ 18 million Series A investment round led by some of the largest venture funds in the crypto space, offering further proof that high-profile investors are willing to back SOL-based startups.

Orca, which operates as a decentralized exchange, will use the funds to further develop its automated market-making solutions for Solana, the company announced Wednesday. The funding round comes less than eight months after the project was launched by a two-member team of Yutaro Mori and Grace Kwan.

In addition to Three Arrows Capital, Polychain, Placeholder and Coinbase Ventures, the participants in Serie A were Jump Capital, Sino Global Capital, DeFiance Capital, Zee Prime, Collab + Currency and Solana Capital.

Orca aims to differentiate itself from other automated market makers by offering a simplified DEX experience. It was one of the first protocols to launch in Solana, which is now valued at more than $ 39 billion. As Cointelegraph reported, The Solana network experienced a major outage last week related to an initial DEX offering for the Grape protocol.

Decentralized exchanges receive a considerable attention from investors looking to capitalize on some of the blockchain industry’s biggest trends. DEXs claim to solve the myriad problems plaguing legacy platforms, while offering innovative trading solutions and lowering barriers to entry for new entrants.

Currently, The top DEXs by trade volume are Uniswap, PancapeSwap, and SushiSwap. Daily volume for all DEXs hit $ 5.5 billion on Tuesday, according to Coingecko.

The rapid growth of the sector in the last year seems to attract the attention of regulators, as the United States Securities and Exchange Commission is investigating Uniswap. Specifically, the US securities regulator is seeking more information about the company’s marketing and investor services, according to The Wall Street Journal.

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TAMMY SEWELL

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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