Cardano DeFi Ecosystem Builder AdaSwap Raises $2.6M In Funding from Leading VCs and Top Angel Investors
AdaSwap, an ecosystem builder that will establish one of the first DeFi protocols on the Cardano network, has announced today that it has raised $2.6 million in a round of funding led by iAngels. Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and Coti have also participated in the round. Notable angel investors including the actress and producer Gal Gadot, and producer Jaron Varsano, also participated in the round.
AdaSwap will use the funding to deliver on its goal of building the best decentralized exchange on Cardano, one of the most popular blockchain projects for decentralized application developers. The AdaSwap DEX will go hand in hand with other protocols coming out of AdaSwap like it’s 1st of a kind exclusive NFT marketplace that will be home to curated collections and famous artists in the space. Cardano’s native token ADA is currently ranked as the 6th most valuable cryptocurrency by market cap, but despite this is still in its early stages of a DeFi ecosystem, meaning users must rely on centralized exchanges to buy, sell and swap Cardano tokens.
AdaSwap is creating a native, gamified Cardano DEX that will enable users to seamlessly swap Cardano-based tokens. Its plans also include the creation of a Cardano-native NFT marketplace and decentralized finance capabilities such as staking and fixed, long-term and high-yield liquidity pools. Through these applications, DEX users will be able to stake tokens, buy and sell NFTs and earn interest on their Cardano tokens. To build a better financial ecosystem, AdaSwap will take the focus away from higher liquidity locks to what really matters: users.