AdaSwap raises $2.6M to build DEX & NFT marketplace on Cardano
Cardano-based ecosystem builder AdaSwap has raised $2.6 million in a private investment led by a clutch of reputable crypto-centric investors.
The fresh financing was led by iAngels. Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and Coti. The round also saw participation form notable angel investors including the actress and producer Gal Gadot, and producer Jaron Varsano.
Many new investors who bankrolled the latest capital injection provide great breadth in terms of perspective, reflecting how more VC funds are jumping on the Cardano bandwagon as they increasingly consider it an investable technology.
AdaSwap plans to use the proceeds of this financing round in accelerating the development of its gamified DEX on the Cardano network. The platform, which aims to help Cardano to become an inclusive Defi protocol, is also looking to actively hire across many functions, including engineering, design, and operations.
“This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds. We would like to thank all our partners and advisors for supporting us to this point and we cannot wait to show the world what we have done,” said AdaSwap Co-Founder Itay Levy in a statement.
Cardano is gaining wide-scale adoption
In that respect, AdaSwap says its native product would enable users to easily swap Cardano-based tokens in seconds with low fees, something that is not possible right now on Ethereum based DEXs. As part of that project, it’s also creating a native Cardano NFT marketplace plus fixed, long-term, and high-yield liquidity pools that will allow token holders to stake, buy and sell NFTs and earn interest on their investments.
Compared to other emerging competitors, Cardano is gaining wide-scale adoption in the blockchain industry. A main driver for that was Ethereum’s infrastructure congestion and gas prices that are extremely higher than others.
With the launch of AdaSwap, the project will create a micro-ecosystem to encourage more and more people to develop and use the Cardano blockchain and help it realize its potential.
“Although Cardano has been a top ten protocol by market cap for many years, there is still massive upside in its ecosystem that only recently launched composable smart contracts for developers. 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,” said Yida Gao, General Partner at Shima Capital.