THORSwap, a THORChain-based decentralized exchange, raises $3.75 million

THORSwap, a cross-chain THORChain-based exchange, raised $3.75 million following a private token sale led by IDEO CoLab Ventures.

.@IDEOVC, @trueventures and @SanctorCapital invest in @THORSwap, one of the 3 projects that recently graduated from #sanctorturbo’s YC for crypto projects.

THORSwap is the first multi-chain exchange using the @THORChain protocol and it has a desktop app too!

⚡️ https://t.co/GeRle5wsuq

— chi 💥‿💥 (@chizhao) October 5, 2021

Participants in the token sale also included True Ventures, Sanctor Capital, THORChain, Nine Realms, Proof Group, 0xVentures, Qi Capital and others.

THORSwap will use the funds to scale the platform, launch new products, and expand the decentralized liquidity network.

The DEX supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Binance Coin and ERC-20 tokens and BEP-20. The project aims to become a leading cross-chain liquidity aggregator.

In October, THORSwap will host a IDO of THOR tokens.

According to DeFi Llama, the total value locked in THORChain at the time of writing was $176.3 million.

Earlier in July, the THORChain protocol was subjected to a hacker attack. The developers estimated the damage at about $8 million. On July 27, the project team announced a halt to operations.

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