THORSwap Raises $3.75 Million in Funding Round Led By IDEO CoLab Ventures
THORSwap (https://thorswap.finance), the cross-chain decentralized exchange built on THORChain, announced today it has raised $3.75 million in a private token sale led by IDEO CoLab Ventures with participation from True Ventures, Sanctor Capital, THORChain, Nine Realms, Proof Group, 0xVentures, Qi Capital and more. The new funding will allow THORSwap to continue scaling its development and operational resources as the leading decentralized and non-custodial cross-chain DEX.
“The new funding will allow us to accelerate the launch of new products on top of THORChain and move toward becoming one of the leading cross-chain stacks in decentralized finance,” said THORSwap Admin, lead contributor at THORSwap. “With one of the most experienced teams building on THORChain, the new resources and support from our investors will allow us to further streamline cross-chain swaps between the biggest blockchain networks.”
On THORSwap, market participants can easily swap native assets across blockchains without wrappers, participate in liquidity pools and manage THORNodes. THORSwap currently offers support for Bitcoin, Bitcoin Cash, Litecoin, ETH/ERC20, and BNB/BEP2, and offers a converter to upgrade from RUNE.ETH or RUNE.BNB to native RUNE.
“THORSwap can become a top 5 DEX aggregator in the next year, and we are excited to help their team reach this milestone,” said Gavin McDermott , founder of Nine Realms and partner at IDEO CoLab Ventures. “A cross-chain future is inevitable and THORSwap is well-positioned to push the boundaries of DeFi.”
Coinciding with this fundraise, THORSwap released ten new product features, the THORChads rewards platform, a new Desktop app, THORNode management, and the THORYield Discord bot. Additionally, the project has revealed its plans to integrate additional liquidity sources and release a partner API in the coming months.
“Cross-chain liquidity is a tremendous opportunity, and THORSwap is one of the leading applications that’s building for that future,” said Adam D’Augelli, partner at True Ventures. “We’re proud to support this team and their innovation for the THORChain ecosystem.”
According to DeFi Llama, the top five blockchains represent more than $138 billion in total value locked across their DeFi ecosystems, which consist of DEXs, borrowing and lending platforms, and more.
“Unlocking cross-chain liquidity will be critical to the future of decentralized finance,” said Han Kao, founder of Sanctor Capital. “Many of the biggest players in the industry have focused on unlocking cross-chain liquidity, from building bridges and portals to aggregators and DEXs. So far, THORSwap has been the undisputed market leader and we believe that the project will play an important role in shaping the future of DeFi.”
THORSwap is the leading multi-chain, decentralized exchange (DEX) platform powered by THORChain. Perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.
THORSwap App: https://app.thorswap.finance
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