deFIRE Raises $5 million in Capital for Cardano DeFi Development
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deFIRE, which is the decentralized smart order routing engine built to operate with Сardano, has announced a successful raise of $5 million in a pre-IDO funding round.
This influx of venture capital has happened before the platform’s token goes live on the OccamRazer trading platform.
In what promises to be a great addition to the Cardano ecosystem, deFIRE will be able to expand its operations, as the company works to create a smart order routing engine for the Cardano ecosystem.
Eric Benz, the CEO of Changelly, told media,
“We are thrilled to announce the successful conclusion of the private round led by some of the largest and most active investors in the rapidly expanding DeFi space. deFire leverages DLT 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. Working alongside I am sure we will bring a lot of value and liquidity to the Cardano ecosystem.”
The investment was supported by some of the biggest names in finance. Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds, Morningstar, Cryptodromfund, SwissBorg Ventures, Lotus Capital, MoonWahle, and CoinsGroup all participated.
deFire is Making Decentralized Order Routing a Realty for Cardano
deFIRE is being incubated by Occam.fi and is powered by Changelly’s network which makes deFIRE’s goals achievable. The platform is basically a middleman in the transactional ecosystem and connects people who want to execute trades with the ability to make those trades happen.
Mark Berger, the President of the Occam Association, commented,
“DeFi is growing at an accelerated pace. Cardano will be the go-to destination for massive flows of on-chain liquidity once smart contracts are released. To accommodate most seamlessly the order flow aimed towards the Cardano-DeFi ecosystem it is crucial to offer optimal, trustless order execution. We embrace this challenge by merging a rockstar tech team that has built its name in the Cardano ecosystem and the wide business network, other resources of Changelly to build the first optimal execution infrastructure for Cardano. Led by the best team and powered by the CWAP native token, deFIRE is light years ahead of competition.”
Although most cryptos are basically decentralized, the trading infrastructure in the crypto ecosystem is highly centralized. While there are some popular decentralized trading platforms, making on-chain transactions can be very expensive, especially on popular blockchains like BTC and ETH.
More Liquidity Creates a Stronger Market
With this fresh capital, Occam.fi is planning to create the first direct on-ramp for fiat in the Cardano ecosystem. It also plans of creating more DeFi tools with the help of Changelly, so that any Cardano can be swapped for any other token in the ecosystem.
Given the strong interest in the deFIRE project, it is fair to think that the upcoming release of the deFIRE token on the open market will also attract a lot of interest. Cardano is a very interesting blockchain and offers real value in a market that is still using technology that isn’t state-of-the-art.
According to a press release,
“After concluding its upcoming IDO, the project will move towards decentralizing the governance of their DeFi ecosystem by introducing the deFIRE DAO, where the community of token stakers will be able to introduce and vote on proposals for changing system parameters. More details on this will be provided as deFIRE products are released on the mainnet.”
If you would like to learn more about deFIRE, or the upcoming launch of its token to the public, just click here to visit that project’s website. While it is an early-stage project, deFIRE is well supported, and developing a valuable tool for one of the most promising blockchains out there today.
The post deFIRE Raises $5 million in Capital for Cardano DeFi Development appeared first on Blockonomi.
