Animoca Brands Leads $6.5M Round for Decentralized Exchange Soma.Finance

Soma aims to be a fully compliant exchange for digital assets for both institutional and retail investors.

AccessTimeIconJan 20, 2022 at 3:00 p.m. UTC
Updated Jan 20, 2022 at 4:42 p.m. UTC
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Brandy covers crypto-related venture capital deals for CoinDesk.

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Soma.Finance, a decentralized exchange for trading digital assets and compliant digital securities, has completed a $6.5 million seed round led by blockchain gaming and open metaverse company Animoca Brands.

  • Soma aims to be a fully compliant decentralized exchange (DEX) and product suite for institutions and retail investors.
  • Proposed services include built-in know-your- customer (KYC) and anti-money laundering (AML) functions, digital asset trading and permissionless regulated automated market making (AMM).
  • The company was founded as a joint venture between Hong Kong-based decentralized finance (DeFi) platform Mantra DAO and New York-based Tritaurian Holdings, which has a Financial Industry Regulatory Authority (FINRA) licensed broker-dealer subsidiary.
  • Other participants in the round included Kenetic Capital, Griffin Gaming Partners, GSR, Token Bay Capital, Mind Fund, Unknown VC, Fomocraft, BCW Group, Tai Ping Shan Capital, Gate Ventures and 0x Ventures, among others.
  • “We believe that SOMA.finance is well positioned to become a leading, regulatory compliant decentralized exchange that is able to offer tokenized equities, security token offerings and various other DeFi services,” said Animoca Brands co-founder Yat Siu in a statement.

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Brandy covers crypto-related venture capital deals for CoinDesk.