AdaSwap raises $2.6M to build DEX & NFT marketplace on Cardano

abdelaziz Fathi

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.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales. 

<