In Brief:
- ThorSwap has raised $3.75 million in a private token sale round.
- The private token sale round was led by IDEO CoLab Ventures.
THORSwap, a decentralized cross-chain exchange, has closed a $ 3.75 million private token sale supported by top blockchain venture capital funds, revealing that investors are ready to support market-ready DeFi platforms.
It will use the funds to expand its research and operational capabilities, as well as to offer additional products in addition to THORChain, the decentralized liquidity network that feeds the exchange.
IDEO CoLab Ventures organized the private token sale, which included True Ventures, Sanctor Capital, Nine Realms, Proof Group, 0xVentures, Qi Capital, THORChain, and others. IDEO CoLab Ventures also organized the recent $11 Million fundraise for Gelato Network.
The network also announced that it will release its own cryptocurrency token, THOR, later this month.
Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), Binance Coin (BNB), and standard ERC-20 and BEP-20 tokens are presently supported by THORSwap.
The capacity to transfer native assets between blockchains without the use of wrapped tokens blockchain tokens tied to the value of other cryptocurrencies, such as Wrapped Bitcoin or bridges that connect various chains is the project’s main selling feature.
THORSwap is a relatively new project that was founded in April 2021 with the goal of becoming a dominant player in the decentralized finance (DeFi) space by offering cross-chain liquidity and allowing holders of native assets to earn liquidity provider rewards.
“THORSwap can become a top 5 DEX aggregator in the next year, and we are excited to help their team reach this milestone,” said Gavin McDermott, founder of Nine Realms and partner at IDEO CoLab Ventures.
According to a lead donor, the new funds will help THORswap scale the platform and “accelerate the release of new products on top of ThorChain.”
THORSwap also announced 10 new product features, including the THORChads rewards platform, a new Desktop client, THORNode management, and the THORYield Discord bot, all of which coincided with this fundraise. In addition, the project has stated that it will incorporate more liquidity sources and provide a partner API in the near future.
Most importantly, the project will stage a token generation event later this month for THOR, the platform’s future utility token that will grant access to its decentralized governance capabilities.
