- AdaSwap raised $2.6M during its funding round.
- AdaSwap plans to use this for the launch of AdaSwap DEX.
- The funding round was led by iAngels.
AdaSwap, an ecosystem builder that seeks to build the first decentralized exchange (DEX) on the Cardano network, has raised $2.6 million in funding. Led by iAngels, the private funding round was also attended by Shima Capital, GBV, Efficient Frontier, Pluto Digital, Coti, Banter Capital, Stardust, and Finova.
Meanwhile, notable angel investors include Wonder Woman herself–actress and producer Gal Gadot, and producer Jason Varsano.
In detail, AdaSwap will utilize the collected funds to materialize its goal of creating the best DEX on Cardano. Called AdaSwap DEX, the exchange will also go hand in hand with other protocols on the network such as its first-ever exclusive NFT marketplace.
At the time of writing, Cardano’s native token ADA is the 9th most valuable crypto based on market capitalization. Yet, as the platform is still in its infancy, users need to depend on centralized exchanges to transact using Cardano tokens.
Moreover, a significant tool that will lead to the success of AdaSwap’s ambition is its native token $ASW. Interchangeable with other Cardano-based tokens, $ASW will help power different functions within the ecosystem.
Holders can freely swap these tokens on AdaSwap DEX, taking advantage of the arbitrage opportunities in real-time. This is achieved while reaping the benefits from its Free Financial Model. One of these perks includes zero transaction fees on ASW-based transactions.
That said, AdaSwap Co-Founder Itay Levy expressed his thoughts on this new milestone:
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.
