THORSwap DEX Raises $3.75M as Multi-Chain DeFi Heats Up
The exchange also released new products, including a rewards platform.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/GVQEO3PF4RFGXG3OU4VVH3XWFI.jpeg)
(Manuel Salinas/Unsplash)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
THORSwap, a cross-chain decentralized exchange (DEX) built on THORChain, has raised $3.75 million in a private token sale led by IDEO CoLab Ventures and joined by True Ventures, Sanctor Capital, THORChain and others.
THORSwap is the first multi-chain exchange using the THORChain protocol. This means that it allows users to swap tokens, for example, BTC for ETH, in one step without using an intermediary like a centralized exchange.
“Unlocking cross-chain liquidity will be critical to the future of decentralized finance,” Han Kao, founder of Sanctor Capital, said.
Funding will go towards the app’s development and expanding of operational resources as well as the launch of new products.
THORSwap currently only offers coins that are supported by THORChain, including BTC, LTC, ETH (and ERC-20 tokens) and BNB, but it is looking to integrate more coins outside of THORChain’s liquidity.
Two networks of interest are 1inch and 0x, THORSwap adviser CloudPleasr told CoinDesk. “Their liquidity sources would vastly increase our catalog of tradeable tokens,” CloudPleasr said via email.
Multi-chain solutions are said to be a game-changer by many people in the industry, with Arc Managing Director David Nage calling it the “actualization of free markets.”
With the increased adoption of cryptocurrencies large and small, interoperability between chains is widely seen as vital for ensuring the easy flow of assets across networks.
UPDATE (Oct. 5, 17:55 UTC): Adds clarifying comment from CloudPleasr.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
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.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.