Orderly Network, a decentralized exchange (DEX) protocol, completed a $20 million strategic round of financing from several crypto funds, it said in a note shared with CoinDesk.
Orderly Network is a permissionless platform built on top of Near Protocol. It relies on smart contracts to conduct peer-to-peer trading and offers risk management and shared asset pools for users.
Crypto funds Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures and MetaWeb.VC participated in the round.
“We are proud to back Orderly as they build out top-performing infrastructure and deep liquidity on Near,” Kyle Davies, co-founder at Three Arrows Capital, said in a statement. “Infrastructure being built for traders by traders results in better products that are designed to meet the specific needs and provide the best possible trading experience.”
Orderly will use the fresh capital to hire more staff, enter partnerships with other crypto firms and build new decentralized finance (DeFi) products, the firm said.
It will also start community lending pools to enhance liquidity on its platform. Token holders will be able to lend assets to market makers on such pools while receiving yields.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.