ParaSwap, a decentralised exchange, raises $3 million in funding

ParaSwap, a liquidity aggregator across decentralized exchanges, has raised an additional $3 million in seed funding.

ParaSwap heading to new milestones 🔥 https://t.co/vMy2YKjcb8

— ParaSwap (@paraswap) May 10, 2021

The round was participated by Blockchain Capital, White Star Capital and DeFi Alliance, as well as the founders of Yearn Finance, Curve Finance and Dune Analytics — Andre Cronje, Mikhail Egorov and Fredrik Haga respectively.

The funds will be used by the ParaSwap team to implement support for alternative blockchains such as Avalanche, Arbitrum, Fantom, and to deploy a range of layer-2 scaling solutions, including ZkSync and Optimism.

Recently ParaSwap запустилась на базе Binance Smart Chain and added support for the Polygon (formerly Matic) platform, supporting several scaling approaches.

According to DappRadar, over the last 24 hours, ParaSwap’s turnover on Polygon достиг $44,86 млн.

ParaSwap began operating in September 2019. According to Dune Analytics, since then the platform’s cumulative trading volume has reached $1.8 billion. The service is used by approximately 65,000 people.

Last year, the project received $2.7 million in seed funding from Blockchain Capital, Alameda Research, CoinGecko, Arrington XRP Capital, Lemniscap, Aave founder Stani Kulechov, and other venture investors. To date, ParaSwap’s total raised funding has reached $5.7 million.

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