DeversiFi Raises $5M In Strategic Round To Scale DeFi Trading On EthereumMay 19, 2021
ETH has surged to an all time high this month, but the issue of exorbitant gas fees remains, with the need for more layer 2 solutions to be made available and accessible.
DeversiFi, the go-to Layer 2 trading solution, just closed a $5 million strategic funding round led by ParaFi, to scale trading on Ethereum. The funding round also saw participation from Defiance Capital, Lightspeed Venture Partners, Blockchain.com Ventures, Delphi Ventures, Fenbushi Capital, OKEx, StarkWare, Longhash Ventures, and well-known DeFi founders such as Synthetix’s Kain Warwick, Aave’s Stani Kulechov and Enzyme’s Mona El Isa, among others.
Launched in August 2019, DeversiFi is a first professional-grade, self-custodial trading solution. DeversiFi brings security, privacy and control to the end user, without sacrificing any of the cornerstones of profitable trading (speed, liquidity, choice). It’s our mission to make DeFi accessible to everyone.
The funding round saw 12.5% of DeversiFi’s new DVF tokens sold to long term supporters of the project, including some of the top investors in the industry. Funds raised from the round will go towards the launch of DeversiFi’s layer-2 AMM pools, liquidity mining, and a suite of other unparalleled tools designed to make DeFi more accessible to the mainstream.
“Layer 2 scaling is essential to Ethereum’s roadmap. We are creating a hub to invest, swap, send, and lend tokens without the friction and cost of Layer 1. As more users onboard we see integrations with centralised exchanges as being important to lower the barriers to accessing L2 DeFi,” said Will Harborne, Co-Founder of DeversiFi.
The participation and foray into DeFi of one of the world’s top VC firms Lightspeed Venture Partners, known for their investments in consumer technology companies such as Snapchat, and Nest, shows that interest in the decentralised space is becoming more mainstream.
“DeversiFi has a strong team, early mover advantage with a scaling solution, and a unique aim to bring DeFi to a wider audience. We are excited to partner with them and continue investing in DeFi,” said Amy Wu, Partner at Lightspeed Venture Partners.
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