Decentralized foreign exchange DFX Finance raised $5 million in seed round

Feb 24, 2021 | The Block News | 0 comments

decentralized-foreign-exchange-dfx-finance-raised-$5-million-in-seed-round

DFX Finance, a decentralized foreign exchange startup for stablecoins, announced a $5 million seed round on Tuesday.

Alongside the funding news was the launch of a dedicated governance token, with liquidity mining focus on three stablecoins: CADC, EURS, and XSGD.

DFX intends to build out its team and to pursue scalability initiatives that bring on more stablecoins over the coming year, co-founder of DFX Kevin Zhang told The Block.

Polychain Capital and True Ventures co-led the funding round. Additional investors include Boost VC, Hex Capital, Lemniscap, CMS Holdings, Castle Island Ventures, FBG Capital, DeFi Alliance, Divergence Ventures, and SRC Capital.

Polychain’s footprint in the DEX ecosystem grew with this latest round, having previously invested in the derivative-focused DeriviDEX and privacy DEX Manta Network

The newly launched DFX governance token will allow DFX token holders to suggest proposals and vote on protocol changes, Zhang said. The liquidity mining using CADC, EURS, and XSGD aims to stimulate the adoption of non-USD pegged stablecoins, he contended.

“We are on a mission to build the infrastructure to enable on-chain FX swaps that minimize slippage, optimize capital, and maximize utility. We are creating a new market for non-USD currencies and opening up DeFi applications to a global audience that use these currencies,” Zhang said. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Robinhood names new COO to oversee its crypto operations

Robinhood names new COO to oversee its crypto operations

Robinhood has named a new chief operating officer with experience in product management and operations to oversee its crypto platform, the team behind the online brokerage announced Thursday.  Christine Brown has served as the vice president of Robinhood Markets'...

Pin It on Pinterest

Share This