Operating on the NEAR blockchain, the decentralized exchange Orderly Network attracted strategic investment from the venture arm of the Indian trading platform CoinDCX. The Block reports.
The deal amount was not disclosed. Chief Operating Officer Arjun Arora said the funding was conducted through a Simple Agreement for Future Tokens (SAFT) at a fixed valuation of $200 million.
Rohit Jain, head of CoinDCX Ventures, noted that decentralized exchanges with limit orders “are the next step in the evolution of DEXes”.
“We are optimistic about this model. Several teams are currently working on its creation, but we believe Orderly is perhaps the best at implementing this idea,” he added.
The Orderly token launch is expected in the second half of 2023.
The project was founded in 2017 and has gone through NEAR and WOO Network accelerators. With the latter, the startup launched the first decentralized application in the form of a user interface for the trading platform.
In June 2022, Orderly Network raised $20 million from Three Arrows Capital, Alameda Research and other firms.
In March 2023, the yet-unlaunched Turkish crypto exchange Metatime received $11 million in seed funding.