March 28, 2022 – Hong Kong, Hong Kong
Wombat Exchange, a hyper-efficient multichain stableswap backed by Binance, has successfully closed a $5.25 million Series A funding round led by Animoca Brands and Hailstone Ventures. Additional investors in the round included BNB Chain, TPS Capital, GSR, Zokyo, Lunar Station, Eureka Trading, Silverstone, Unanimous Capital and CryptoWesearch.
With this latest round of funding, Wombat’s valuation has increased to $70 million since its seed round investment led by Binance Labs in November 2021. Capital from this round will accelerate Wombat’s product development and expansion.
Yat Siu, co-founder and executive chairman of Animoca Brands, said,
“Wombat Exchange has put together a solid and experienced team to develop a stableswap that has the potential to significantly advance the growth of DeFi. We’re looking forward to seeing Wombat’s meaningful contribution to the BNB Chain and its adoption in the multichain world.”
Seng Huang Lee, advisor of Hailstone Ventures and group executive chairman of Sun Hung Kai and Co, said,
“We were impressed by Wombat’s innovation, and we strongly believe in their contribution to the ecosystem. Their algorithm and solution are pioneering and will support the protocols that will shape the future of DeFi for the better.”
About Wombat Exchange
Wombat Exchange is a BNB native multichain stableswap focused on re-engineering the stableswap experience with our innovative algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility and scalability in a multichain world.
Our success in the Binance incubation program was followed by the Binance BNB Chain ‘most valuable builder’ season four incubation program, where we had the pleasure of being one of the monthly stars for January.
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Source: https://dailyhodl.com/2022/03/28/wombat-exchange-raises-5-25-million-in-series-a-funding-led-by-animoca-brands-and-hailstone-ventures/