OpenSwap has secured more than $1M in a “strategic” funding round for an integrated DeFi Hub, according to an update shared with CI.
OpenSwap, an integrated DeFi Hub built as an “interchain, decentralized liquidity booster for traders,” finalized its latest investment and raised $1 million+. Led by NGC Ventures and Coin98 Ventures, the round has been joined by BR Capital, Legos Capital, Double Peak, Prime Block, Illusionist Group, and “notable individuals as angel investors.”
The list reportedly includes Julien Bouteloup, CEO of StakeDAO, core member at Curve Finance, and the inventor of flash loans, Leo Cheng, founder of CREAM Finance, Ravindra Kumar, founder and CEO at Frontier Wallet, and Mark Borsten.
The proceeds from the round will be directed towards supporting OpenSwap’s next technological developments, which include tools and functionalities like their pioneer solution for liquidity, called liquidity queues.
As stated in the announcement, this follows OpenSwap’s recently unveiled partnership with Impossible Finance, a multi-chain incubator, launchpad, and swap platform.
The Impossible Finance team, along with Coin98, have both offered support for a whitelist allocation campaign “worth $10,000 currently, hosted on OpenSwap ahead of the launch of their native token, $OSWAP.”
With an easy-to-use platform and real-time data, the team hopes “to empower customers to make informed swap decisions and acclimate to zero slippage.”
A representative of NGC Ventures stated:
“The team at OpenSwap have been constantly innovating with their interchain swaps as well as hybrid swap routing, and we at NGC are thrilled to be part of their journey thus far. With Bruce and Tony at the helm, OpenSwap are in good hands and we’re looking forward to seeing more from them.”
Thanh Le, Founder of Coin98 Finance, remarked:
“We’re excited to back the Openswap team, which has shown their passion and solid ability to grow in this ever-changing DeFi space. Sharing the same vision of a multichain 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.”
OpenSwap’s testnet is now live and their token launch is “anticipated within 2021.”
As noted in the release, OpenSwap has been developed by IJS Technologies. It’s 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 are able to benefit from 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.”