The bloXroute Labs team closed a $70 million Series B funding round, led by SoftBank Vision Fund 2. The funds will be used to advance high-frequency trading in the DeFi space.
Insane how in 4 yrs we moved from
— «this a is a really cool idea!»
to
— «we raised another $70M from Softabnk, Flow Traders, Lightspeed, Jane Steet, etc»life is wild! ✨
best part — this is *nothing* compared to what @bloXrouteLabs will unleash later this year! https://t.co/efH15PHzI5
— Uri // klarman.eth (@uriklarman) April 12, 2022
In the round, Dragonfly Capital, ParaFi Capital, Lightspeed Venture Partners, GSR, Jane Street, Flow Traders, RBF Capital and others also participated.
The valuation of bloXroute Labs was not disclosed. Total capital raised stands at $95 million.
The funds will be used to increase its staff from 30 to 100.
The startup positions itself as «Flash Boys for DeFi» — the BackRunMe solution enables confidential transactions, resistant to front-running and sandwich attacks. Users can avoid network congestion and quickly obtain important trading information such as market orders.
«In DeFi you need to be connected to everyone, because important information — prices, positions, arbitrage opportunities — can come from anywhere. BloXroute spreads data nearly at the speed of light, enabling our users to make more advantageous trades», — explained Uri Klarman, the startup’s CEO, to The Block.
The solution supports Ethereum, BNB Chain and Polygon.
«We anticipate interesting use cases for the product in areas such as NFTs, metaverses and blockchain games», — said CoinDesk Aaron Wong, a representative of SoftBank Investment Advisors.
In March 2022, the DeFi project 1inch launched a mobile wallet for Android devices. Among its features is support for Flashbot-transactions, protecting users from front-running and sandwich attacks.
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