As per the latest reports, THORSwap has announced that it has successfully carried out an investment round. THORSwap is a cross-chain exchange that has been operating as a decentralized platform. The firm has announced that from the funding round, it has successfully generated funds worth $3.75 million.
THORSwap has revealed that it has generated the funds from a successful token sale that is carried out privately. The firm has announced that major venture funds leading the blockchain industry have participated in the investment round.
Almost every day, a new announcement in regards to a successful investment or private token sale round is being made by firms from the DeFi space. With the passage of time, firms in the decentralized finance sector have been gaining a lot of attention from private and mainstream investors.
Therefore, in order to benefit from the vast growth within the decentralized finance sector, venture firms are making huge investments. They are confident that they will be able to generate huge gains once they have invested in the particular firms.
The exchange has announced that from the funds generated through the investment round, it is going to launch major developments. The exchange has revealed that it will be using funds for building up new operational resources and products for the users. It will also be making many developments with the exchange to make it more profitable and convenient for the users.
THORSwap has announced that the funding will help it launch more products where the liquidity network powering would be on top of the list. The firm has announced that IDEO CoLab Ventures was the leading firm backing private token sales.
Other firms participating in the private token sale were THORChain, Qi Capital, 0xVentures, Proof Group, Nine Realms, Sanctor Capital, True Ventures, and many more.
At present, THORChain supports several cryptocurrencies. The cryptocurrencies it supports include Binance Coin (BNB), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Bitcoin (BTC). Apart from that, other tokens that THORSwap supports include BEP-20 and ERC-20.
The firm has announced that in the latter part of the running month, the THOR (native) token generation event will be carried out with investors’ participation.
It was back in April of 2021 when the THORChain was launched and it proved favorable for the entire crypto community. Erik Voorhees, the CEO at ShapeShift also praised the performance and growth demonstrated by THORChain right after the launch.
Since the last year, the decentralized finance cryptocurrency exchanges have recorded tremendous growth. From the beginning of late 2020 until June of 2021, the trading volume recorded by DEXs alone comprised 13% of the overall crypto-trading volume.
The third quarter of the year 2021 is still not accounted for, otherwise, the volume would have exceeded the 13% figure.