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 led 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 relying on centralized exchanges. Its purpose will be similar to that of Uniswap, the most popular decentralized exchange on Ethereum in terms of trade volume.
AdaSwap will “work for hand in hand” with some of AdaSwap’s other protocols, including a planned NFT marketplace, according to a press release shared with CryptoPotato. The DEX would purportedly contain Defi features like coin staking and earning interest from “long term” and “high yield” liquidity pools.
The DEX ecosystem’s various features will be powered by its own native cryptocurrency, ASW. This token can 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 AdaSwap because they believe DeFi will provide “financial independence and democracy to the masses.” Meanwhile, Gadot and Varsano, the producers, described their investment as an “interesting potential in the crypto realm.”
“This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world,” said AdaSwap co-founder Itay Levy in a statement. “The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds.”