Decentralized trading platform, Hashflow, will use the funds for team expansion, scale and launch more structured products.
Fundings and investment slowed down a bit yet remained unaffected even during the heavy crypto market downturn. Investing space was active at the time when many crypto firms were trying to take cover from crypto winter. Now yet another news came mentioning investment in a crypto firm, where Hashflow received $25 million worth funding.
Hashflow—decentralized crypto exchange—successfully managed to raise funding of $25 million in its Series A funding round. Following the recent investment, the overall valuation of defi trading protocol reached upto $400 million.
Many prominent venture capitalist firms participated in the funding round of Hashflow. This included Dragonfly Capital, Jump Crypto, Wintermute, LedgerPrime, QCP, GSR, Altonomy and Electric Capital. Additionally, venture capital subsidiaries of Coinbase and Kraken like crypto exchanges also participated in the funding.
Hashflow was founded in 2021 and provides decentralized exchange services. San-Francisco based DEX uses pricing model ‘request-for-quote’ or RFQ. This model makes low transaction fees, high liquidity, no slippage and cross-chain interoperability-like features possible on the protocol. These issues are usually considered as some of the most common issues across the volatile markets.
According to Hashflow, their price model RFQ is different from most commonly used automated market makers (AMM) by defi trading protocols. They said that AMM pricing models come with their own benefits, but they lack in terms of transaction fees and slippage. They cited Uniswap as an example of DEX based on AMM.
Varun Kumar—founder of decentralized exchange Hashflow—said that people get excited with Uniswap given its potential of bringing essential trading to anyone in a simplified way. He further added that they are scaling decentralized finance space in the terms of better pricing execution along with the growing markets. Moreover, it also guarantees the trade to go through and also becomes able to trade any digital asset across any blockchain network. He said that Hashflow can solve these issues.
Source: https://www.thecoinrepublic.com/2022/07/22/hashflow-dex-managed-to-raise-25-million-in-funding/