- deFIRE raises $5 million on the pre-IDO fundraising round.
- deFIRE plans to expand the scope of the Occam.fi and Changelly collaboration.
- The new capital injection was led by some of the largest and most active investors.
On Thursday, deFIRE raised $5 million on the pre-IDO funding round. The venture capital round comes shortly before the deFIRE token makes its debut. More so, the debut happened on the OccamRazer, an initial decentralized exchanges (DEX) offering platform.
Of note, deFIRE is a DeFi project incubated by Occam.fi and powered by Changelly’s vast network and domain expertise. The platform is where network participants can safely gain access to optimal execution services across DEXs. Meanwhile, Occam.fi enables new blockchain projects to raise funds and give investors early access to tokens or coins.
The successful close of this latest funding round is a key milestone for deFIRE. Furthermore, this is significant to its journey to pioneer the Cardano’s DeFi landscape. Also, deFIRE aims to expand its infrastructure, grow its headcount, and scale its operations. Thus, the whole team plans to spend funds and increase its platform capacity.
In addition to that, the new capital injection was led by some of the largest and most active investors in the rapidly expanding DeFi space. These are Morningstar, SwissBorg Ventures, Lotus Capital, MoonWahle, Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds, and CoinsGroup.
Eric Benz, Changelly’s CEO noted,
“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 (investors) I am sure we will bring a lot of value and liquidity to the Cardano ecosystem.”
The pre-IDO funding allows deFIRE to leverage token liquidity early in its life cycle. Moreover, this helps build strong community support early in their journey, and also get a sense of price discovery.
With fresh capital at hand, deFIRE plans to expand the scope of the Occam.fi and Changelly collaboration. It will be the first fiat on-ramp and swap platform for Cardano native tokens. This will allow any token holder to swap one Cardano token for another directly.
This article was first published on coinquora.com