DeFi Platform DeversiFi Raises $5M in Bid to Scale Trading on Ethereum
18 May, 2021•1 min read•DeFi
DeversiFi, a decentralized finance (DeFi) trading platform, has raised $5 million in a funding round led by ParaFi.
Defiance Capital, Lightspeed Venture Partners, Blockchain.com Ventures, Delphi Ventures, Fenbushi Capital, OKEx and others also took part, according to an emailed announcement on Tuesday. DeversiFi’s aim is to help scale layer 2 trading on the Ethereum network to avoid small and mid-size investors being deterred by high gas fees. “Layer 2 scaling is essential to Ethereum’s roadmap,” DeversiFi co-founder Will Harborne said. “We are creating a hub to invest, swap, send, and lend tokens without the friction and cost of Layer 1.” The funding round – where 12.5% of DeversiFi’s new DVF tokens were sold to investors – was also joined by Aave founder Stani Kulechov and privacy software company StarkWare, which powers DeversiFi’s platform. Some of the funds will go towards launching the platform's layer 2 automated market maker pools, liquidity mining and new tools, the firm said. Last year, the Bitfinex-incubated startup implemented a privacy layer to allow users to protect trading strategies from rivals.