SundaeSwap Labs was able to raise funds in an investment round led by cFund and supported by IOHK, the founding entity of Cardano (ADA).
As announced on Tuesday, September 21, SundaeSwap Labs managed to capitalize $ 1.3 million, which will be used to accelerate the development of its exchange decentralized (DEX) that will operate on the Cardano network.
The company, specialized in software, is developing a set of products and services that can contribute to the commercialization and use of cryptocurrencies within the blockchain of ADA tokens.
DEX in Cardano
Its main product in development so far is the DEX SundaeSwap, which should launch on the Cardano network later this year, and will offer its users loan tools, pools liquidity and staking.
In addition, with the new investment, new functions can be developed and inserted into your exchange, as an automated market maker (AMM).
As SundaeSwap CEO Mateen Motaval highlighted, the smart contracts feature, introduced to the Cardano network in the Alonzo update, has allowed tremendous opportunities to develop for the DeFi community in the blockchain by Cardano.
He also stated that the capitalization acquired is the result of his team creating something that has value to the asset community:
“CFund’s investment is an endorsement of the work our team has done to build a long-term sustainable business designed to provide the Cardano community with the tools and services it needs to create value and fully realize its vision of economic empowerment for those who need it most ”.
David Roebuck, member of Wave Financal, administrator of cFund, commented that the objective of the manager is to find innovative solutions for Cardano, highlighting the potential that SundaeSwap has in this regard:
“We do this by finding ambitious founders with strong business ideas and the skills to turn those ideas into reality. The SundaeSwap team is developing a platform that is well positioned to become a market leader and we are pleased to help them achieve their goals through this investment. ”
In addition to SundaeSwap, other DEX projects may soon be launched in the blockchain by Cardano. One is Cardax, which has successfully completed its initial cryptocurrency offering (ICO) in recent days.
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