Source: Immersion Imagery - Shutterstock
- AdaSwap raised $2.6 million in a financing round led by iAngels, with participation from other VC firms.
- The builder will support its building plans, including a Cardano-based NFT marketplace.
An Automated Market Maker platform built on Cardano, AdaSwap, has generated $2.6 million in a funding round led by iAngels. While announcing the funding, AdaSwap revealed that leading venture capital firms and some angel investors contributed to the round. Participants include Banter Capital, Shima Capital, Pluto Digital, GBV Capital, Efficient Frontier. Stardust, Coti, and Finova. Additionally, angel investors like Israeli actress Gal Gadot and producer Jaron Varsano.
The Cardano DeFi ecosystem builder intends to build the best-decentralized exchange (DEX) on the Cardano blockchain. Even though Cardano is still an upcoming ecosystem in the DeFi space, its native token ADA is one of the largest cryptocurrencies by market cap. The AdaSwap DEX will complement its other protocols, such as a first-of-a-kind exclusive non-fungible tokens marketplace. The NFT marketplace is set to serve notable artists and be home to curated collections.
One of the contributors to the financing, iAngels, commented:
We invested in Adaswap because we believe in the team, it’s mission, and its tech roadmap. The future of finance is digital and projects like Adaswap will facilitate financial freedom and democratization for the masses. We’re excited to join this journey and look forward to a future of innovation with the Adaswap team.
In addition, GBV Capital also expressed its delight in being an early supporter of AdaSwap. The venture capital firm also noted its belief in building a DEX native to Cardano.
“This is an exciting investment opportunity for us in the crypto space,” Gal Gadot and Jaron Varsano added in a joint statement.
AdaSwap to build Cardano-based NFT marketplace
AdaSwap has a lot of mouth-watering plans, including creating a native gamified Cardano DEX. With the gamified decentralized exchange, users will easily swap Cardano-based tokens. Also, the builder intends to develop an NFT marketplace based on Cardano. The plans also include decentralized finance capabilities, which include staking and fixed, long-term, and high-yield liquidity pools. DEX users will have access to staking their tokens as well as buying and selling NFTs. Users will also earn interest on their Cardano-native tokens through the applications.
Notably, all of AdaSwap’s ambitions rely on its native crypto asset $ASW. AdaSwap will use the token to power a variety of functions in the Cardano ecosystem as it is a Cardano-native token that is interchangeable with other Cardano-based tokens. Holders of $ASW will be able to transact with their tokens on AdaSwap DEX at no cost.
The co-founder of AdaSwap, Itay Levy, is excited about the developments. He stated:
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 can not wait to show the world what we have done.
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