Wombat Exchange, a hyper-efficient multi-chain stable swap 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.
“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,” Yat Siu, Co-Founder & Executive Chairman of Animoca Brands, said in a statement.
The Hailstone Ventures team also expressed their admiration for Wombat’s developmental prowess: “We were impressed by Wombat’s innovation, and we strongly believe in their contribution to the ecosystem,” Seng Huang Lee, Hailstone Ventures Advisor & Group Executive Chairman of Sun Hung Kai & Co, remarked. “Their algorithm and solution are pioneering and will support the protocols that will shape the future of DeFi for the better.”
Wombat Exchange is a BNB native multichain stableswap focused on re-engineering the stableswap experience through its algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility, and scalability in a multichain world.
Wombat’s success in the Binance Incubation Program was followed by the Binance BNB Chain Most Valuable Builder Season 4 Incubation Program, where it had the pleasure of being one of the monthly stars for January.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
CoinCu News
Explore BlockDAG’s $1M giveaway with fifty chances to win $20,000 in BDAG coins. Get updates…
Crypto investors should get their hands on these promising tokens in the coming week
Discover the 50% bonus on BlockDAG coins celebrating their testnet launch success, alongside updates on…
The ETH price continues to suffer downward pressure due to the outflows from the Spot…
BlackRock’s iShares Ethereum ETF (ETHA) has exceeded $1 billion in assets, making it one of…
Canada extends crypto compliance deadline to the end of 2024, giving exchanges more time to…
This website uses cookies.