The team behind Radar Relay, a decentralized token exchange built on top of the 0x protocol, has raised $3 million in venture funding.
The round was led by Blockchain Capital and also included Batshit Crazy Ventures, Collaborative Fund, Digital Currency Group, Kindred Ventures, Kokopelli Capital, Notation Capital, Reciprocal Ventures, Sparkland Capital, SV Angel and V1.VC.
Radar Relay aims to serve as a hub atop the 0x protocol, which is designed to act as a decentralized exchange mechanism for ERC-20 complaint tokens on the ethereum network. An initial coin offering (ICO) tied to 0x raised $24 million earlier this year.
According to Alan Curtis, Radar Relay's CEO, the funding will go toward expanding its existing team.
"We have 15 people now and the funds will be used for platform expansion, talent acquisition, and building out an integrations team," Curtis told CoinDesk.
Radar Relay has currently launched a beta version that runs on the decentralized ethereum network and requires users to get access to it via a Brave or Metamask browser. Record on 0xtracker shows that the most recent daily trading volume was around $60,000 to $70,000.
Curtis said the Radar Relay platform is expected to come out of the beta development stage sometime in the first quarter of 2018.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Radar Relay.
Funding image via Shutterstock