$3M Investment Round For ChainSwap Led By NGC Ventures


ChainSwap stands as an application hub and cross-chain asset bridge, and has recently managed to close a strategic funding round of $3 million. This funding round saw the participation of some of the biggest names within the DeFi and crypto industries.

Big Players Faithful In ChainSwap

The announcement itself was made on the 7th of April, 2021. ChainSwap revealed that it had raised these funds in order to start to accelerate its goals of creating a multi-asset, multi-chain application hub.

As for the participants in this funding round, big names within the DeFi and Crypto space were present. Players like OK Block Dream Fund (OKEx’s Venture fund arm), Alameda Research, Spark Digital Capital, NGC Ventures, CMS Holdings, Metaconstant Ventures, SRC Capital, Rarestone Capital, and DAO Ventures were all among many others.

ChainSwap Gearing For Change

As for what the ChainSwap platform does, it allows for various projects to bridge between Binance Smart Chain, Ethereum, and even the Huobi Eco Chain (Heco), in a seamless manner. Later on, ChainSwap revealed that it’s planning to integrate cross-chain solutions for Polkadot, Bitcoin, as well as Solana, and even started work on the Polkastarter bridge back on the 21st of March, 2021.

As it stands now, the protocol boasts 18 supported tokens from an array of platforms, such as Polkastarter’s POLS, the FEI and RAI stablecoins, Strongblock’s STRONG, VTX Token from Vortex, and an array of lesser-known listings. All of these tokens can then be seamlessly swapped in between all three of this supported blockchain network.

Big Developments In Multi-Platform DeFi

Alongside this, ChainSwap is aiming to launch its own token, which will be launched through airdropping it to AntiMatter Token (MATTER) holders and protocol users. As for what AntiMatter Finance is, it stands as an on-chain DeFi perpetual derivative protocol that’s currently running on a testnet, and is known to be a lightweight protocol to boot.

Now, it should be noted that ChainSwap isn’t unique in its own right. There’s an array of upcoming multi-chain platforms that have entered the DeFi Space throughout these past few months. A very notable addition to this space is THORChain, a decentralized liquidity network that’s set to launch the so-called “MultiChain ChaosNet” (MCCN) on the 13th of April, 2021.

MCCN will enter the arena alongside players like UniSwap V3, which is scheduled to go live in early May. RUNE stands as Thor’s native token, and saw a new all-time high in price back in late February due to Multicoin Capital announcing a large holding thereof.

Leave a Reply

Your email address will not be published. Required fields are marked *