Domination Finance, a non-custodial, decentralized exchange for dominance pairs, reveals that it has finalized a $3.2 million seed round involving key investors in the blockchain and crypto sector.
The initiative’s operational platform enables users to trade Bitcoin Dominance (BTCDOM), Ethereum Dominance (ETHDOM), and Tether Dominance (USDTDOM) in a manner that was not previously available, “aiming to provide global users with sufficient liquidity, low latency, and high price accuracy.”
Led by ParaFi Capital, an alternative investment company specializing in blockchain or DLT and decentralized finance (DeFi) markets, the investment round included investors such as Dragonfly Capital, AU21, Shima Capital, LD Capital, Huobi Ventures, OKEx BlockdreamVentures, KNS Group, GSR, CoinGecko and several angel investors.
Nick Chong, Investment Analyst at ParaFi Capital, stated:
“Most traders today lack the ability to gain direct exposure to the ‘dominance’ of Bitcoin, Ethereum, and other assets despite the constant trend changes in this nascent market. Domination Finance solves this problem in a highly user-friendly and efficient way, and we’re excited to partner with them as they look to provide DeFi-native users with permissionless access to dominance pairs.”
The capital acquired will be channeled towards expanding services provided via DomFi’s platform, which tracks the BTC price against the price of altcoins using data from CoinGecko. Developed on the Universal Market Access (UMA) protocol, Domination’s user-focused interface enables retail traders to analyze shifts in “relative coin prices” and trade on the “overall market dominance of Bitcoin, Ethereum, and Tether as easily as using Twitter.”
Adrian Kolody, Co-founder at Domination Finance, added:
“The idea here is simple — to satisfy a huge demand among crypto traders that was created in large part because the market lacked smooth-functioning, decentralized platforms like the one we created. We see Domination Finance as a key service for providing this popular trading functionality to a global market that features a rapidly growing number of potential users.”
Michal Cymbalisty, Co-founder of Domination Finance, noted:
“Domination Finance is honored to be supported by such a prominent group of backers. These industry-leading funds that back us have a demonstrated track record of excellence and were also some of the earliest to invest in DeFi.”
As noted in the announcement, Domination Finance claims to be the “premier” decentralized exchange for trading dominance pairs.
Domination Finance offers a user-friendly desktop and mobile interfaces allowing users to “speculate on dominance pairs and earn trading fees by providing liquidity.”