Gal Gadot Takes Part in $2.6 Million Funding Round for AdaSwap
A dozen venture capitalists and angel investors are backing AdaSwap’s growing DEX. It will contain DeFi integration as well as an NFT marketplace.
AdaSwap, one of Cardano’s first DeFi protocols, just raised $2.6M to construct a new decentralized exchange (DEX) native to the growing blockchain. The funding was headed by iAngels, a female-led Venture Capital firm, and includes nine other notable VCs, including Shima Capital, Pluto Digital, and Coti.
Gal Gadot, a producer, model, and actress, as well as producer Jaron Varsano, took part in the round.
Users will be able to swap Cardano native tokens and stablecoins via the AdaSwap DEX without depending on centralized exchanges. Its purpose will be comparable to that of Uniswap, the most popular decentralized exchange on Ethereum in terms of trade volume.
The platform will “work hand in hand” with some of AdaSwap’s other protocols, including a planned NFT marketplace. The DEX would purportedly contain Defi features like as coin staking and earning interest from “long term” and “high yield” liquidity pools.
The DEX ecosystem’s many features will be supported by its own native crypto currency. This token may be freely swapped for other tokens on the DEX, and transactions using it are fee-free.
The iAngels team stated in a statement that they invested in the platform because they believe DeFi will provide “financial freedom and democratization to the masses.” Meanwhile, Gadot and Varsano, the producers, described their investment as a “exciting opportunity in the crypto space.”
AdaSwap Co-Founder Itay Levy in a statement:
“This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds.”
AdaSwap presently does not have a price displayed on price trackers such as CoinMarketCap and CoinGecko. However, ADA – Cardano’s native coin — is now the 9th biggest cryptocurrency, with a market valuation of $30 billion.
In September, Cardano debuted smart contracts on its platform. Though the price of ADA has not performed well since its activation, they considerably increase the possibilities of Cardano and enable for DeFi applications such as those provided by AdaSwap.
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