13.3 C
New York
Saturday, October 23, 2021

$5 Million Raised by Cardano Project deFIRE Ahead of IDO

Must read

deFIRE has netted $5 million in a recent round of private funding. The Cardano-based smart order routing platform will build momentum with this backing as it leads up to an initial DEX offering (IDO) through Occam.fi’s launchpad OccamRazer. The capital injection will aid in expanding infrastructure, hiring new staff, and increasing the functionality of the platform to serve as Cardano’s first fiat onramp. 

deFIRE is the product of a collaboration between Occam.fi, a provider of defi solutions tailored for the Cardano network, and  the crypto exchange Changelly. This most recent showing of support for deFIRE comes from some well-known names in crypto including Morningstar, SwissBorg Ventures, Cryptodrop Fund, MoonWhale, Hype Partners, Lotus Capital, Axia8 Ventures, Newtribe Capital, Sheesha Finance, IBA, GenBlock, Exnetwork, CoinsGroup, and Nodeseeds.

deFIRE Brings High-Performance Trading to Cardano

According to Eric Benz, CEO of Changelly, “deFire leverages DLT (decentralized ledger technology) and a contemporary market architecture to revolutionize the high-performance trading landscape by significantly and transparently enhancing order execution quality for institutions and individuals alike.”

By bringing a platform for smart order routing to Cardano, deFIRE will allow users on the network to search for and execute the best trades possible at any given time by referencing the prices from multiple DEXs and delivering them to traders on command, capturing as much value as possible. “I am sure we will bring a lot of value and liquidity to the Cardano ecosystem,” Benz asserts.

Making Cardano Defi’s New Home

The meticulous planning that has gone into building Cardano’s network is intended to attract the defi community for years to come. The need for an optimized home for defi has become increasingly apparent in recent months, as the congestion on blockchains that currently house defi has led to slow transaction times and ridiculously high fees. 

The services offered by deFIRE will be important for attracting large-scale traders and institutional investors as defi continues to grow in range and scope.

“deFIRE is light years ahead of the competition,” said Mark Berger, President of Occam Association. “Cardano will be the go-to destination for massive flows of on-chain liquidity once smart contracts are released. To accommodate the order flow aimed towards the Cardano-defi ecosystem, it is crucial to offer optimal, trustless order execution.”

The armchair day trader swapping ten dollars worth of tokens may only see a loss or gain in cents when trading at suboptimal prices. On the other hand, the institutional investor swapping six-figure sums will experience gains and losses in the hundreds or thousands of dollars if they cannot secure an optimal price. 

deFIRE presents investors of all kinds with a time- and money-saving tool for securing the best price at the right time. Thanks to $5 million in private funding, the platform is now sitting in a prime position to deliver a powerful tool for capturing value and boosting profits within Cardano’s emerging defi ecosystem.

 

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article