Solana DEX raises $18M Series B from Three Arrows Capital and Coinbase Ventures

The Orca fundraiser saw participation from several prominent investors, including Three Arrows Capital and Polychain Ventures. Orca, the Solana ecosystem project, has closed a $18 million Series A round of investment led by some top crypto venture funds. This is further evidence that prominent investors are interested in supporting SOL-based startups. Orca, a decentralized exchange that operates, will use the funds for Solana’s automated market maker solutions. This raise comes less eight months after the project launched by Yutaro Mori, Grace Kwan and a team of two. Along with Three Arrows Capital and Polychain, Placeholder, and Coinbase Ventures the Series A participants were Jump Capital, Sino Global Capital and DeFiance Capital. Collab+Currency, Zee Prime and Solana Capital also participated. Orca is aiming to be different from other automated market makers by offering a simplified DEX experience. It was one the first protocols to launch on Solana’s blockchain. The Solana blockchain is now worth more than $39 billion. Cointelegraph reported that the S network was hit hard by a Grape Protocol DEX offering. Related: How to break the crypto adoption barrier Solana plans to do its own thing. Investors are keen to take advantage of some of the most important trends in blockchain. DEXs are said to address the many problems that plague legacy platforms and offer innovative trading solutions. They also lower barriers for new participants. Uniswap is currently the top DEX by trading volume. PancapeSwap was second and SushiSwap third. According to Coingecko, Tuesday’s daily volume across all DEXs was $5.5 billion. The industry’s rapid growth seems to have attracted regulators. The United States Securities and Exchange Commission is reportedly investigating Uniswap. According to The Wall Street Journal, the U.S. Securities regulator is specifically looking for information about the company’s investor services and marketing.

Relevant news

Leave a Reply