THORSwap DEX Raises $3.75M as Multi-Chain DeFi Heats Up

The exchange also released new products, including a rewards platform.

Oct 5, 2021 at 2:02 p.m. UTC
Updated Oct 5, 2021 at 5:55 p.m. UTC

Helene is a U.S. markets reporter at CoinDesk, covering US economics, stablecoins, and Wall Street. She is a recent graduate of New York University's business and economic reporting program.

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.

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Helene is a U.S. markets reporter at CoinDesk, covering US economics, stablecoins, and Wall Street. She is a recent graduate of New York University's business and economic reporting program.

Helene is a U.S. markets reporter at CoinDesk, covering US economics, stablecoins, and Wall Street. She is a recent graduate of New York University's business and economic reporting program.

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