Cardano-based decentralized finance (DeFi) platform, AdaSwap raises $2.6 million in a star-studded funding round including top crypto VCs and angel investors including Wonder Woman actress, Gal Gadot.
In a statement this Wednesday, AdaSwap, a decentralized DeFi ecosystem builder, announced a successful $2.6 million funding round led by iAngels, an Israel-based VC and angel investment platform for accredited investors. The funding round also welcomed other VCs including Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and Coti. The round also saw Hollywood stars, Gal Gadot, and producer Jaron Varsano participate in the round.
According to the statement, the funding will be used to build the best possible decentralized exchange (DEX) on the Cardano blockchain. The AdaSwap DEX aims to allow users to swap and stake tokens on Cardano, leveraging the recently introduced smart contracts on the blockchain. Apart from the DEX, AdaSwap also plans to launch a host of protocols including “the first-of-its-kind exclusive NFT marketplace” that will be home to curated collections and famous artists in the space.
According to Itay Levy, AdaSwap co-founder, the latest funding round will open up the gates to future developments and upgrades in Cardano’s DeFi ecosystem, “creating a great impact in the crypto space”.
“The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds,” Levy added. “We would like to thank all our partners and advisors for supporting us to this point and we can not wait to show the world what we have done.”
The main aim for the funding is to create a unique, simple, and gamified DEX to allow users to easily swap cryptocurrency tokens, create, buy and sell NFTs, launch new projects, and stake funds in liquidity pools to earn fees on the Cardano blockchain. The NFT marketplace will also include DeFi properties such as staking and fixed, long-term, and high-yield liquidity pools.
Speaking on the latest investment in AdaSwap, iAngels, the lead investor released a statement:
"We invested in Adaswap because we believe in the team, its mission, and its tech roadmap. The future of finance is digital and projects like Adaswap will facilitate financial freedom and democratization for the masses. We're excited to join this journey and look forward to a future of innovation with the Adaswap team.”
Creating a better Cardano-based DeFi ecosystem
Cardano has survived as a top ten blockchain for the past few years. With the recent introduction of composable smart contracts, the blockchain still has an opportunity for “a massive upside in its ecosystem”, Yida Gao, General Partner at Shima Capital said.
“We at Shima Capital believe Aaron and the Adaswap team are well-positioned to create core building blocks of the ADA ecosystem starting with a native DEX that can handle trades, swaps, and bridges. We are excited to support Adaswap on its journey to tap into the massive liquidity currently locked in the Cardano protocol," Gao added.
AdaSwap also plans to launch its native cryptocurrency, $ASW, which will power the platform and perform various functions within the Cardano ecosystem. As a Cardano-native token, traders and users can swap the token with $ADA (Cardano’s native currency) or any Cardano-based tokens. Holders will be able to swap these tokens freely on AdaSwap DEX, leveraging arbitrage opportunities in real-time while benefiting from its Free Financial Model, where no transaction fees are charged on ASW based transactions.
In the future, Adaswap aims to create a micro-ecosystem for its users in an aim to boost the adoption of Cardano’s smart contracts and help it to realize its game-changing potential.
“This is an exciting investment opportunity for us in the crypto space," Gal Gadot and Jaron Varsano added in a joint statement.
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