DeFi platform deFIRE completes $5 million in funding, IDO to go live soon

deFIRE, the DeFi platform on Cardano, announced Thursday that it has closed a $5 million funding round.

According to Finance Magnates on May 13, deFIRE, a DeFi platform on Cardano, announced Thursday that it closed a $5 million round of funding with participation from Axia8 Ventures, Lotus Capital, Hype Partners, Moonwhale and Newtribe Capital and others participated. A number of individual investors also participated in the funding round. In addition, deFIRE will soon conduct an IDO (Initial DeFi Offering).

DeFi platform deFIRE completes  million in funding, IDO to go live soon

The new funds will be used to invest in infrastructure and other resources to scale the company’s business. In addition, deFIRE will leverage the token’s liquidity in the early market to build a community around the product and will soon launch a DEX product.

Filling the DeFi gap market
The Cardano blockchain-based deFIRE platform aims to solve the DeFi problem on existing networks. It focuses on bridging the gap between the two sides of the transaction to ensure the best possible service across DEX.

The project uses Changelly cross-chain liquidity to provide a variety of services such as buy and sell order delivery, token trading and transaction brokering.

Commenting on the funding, Eric Benz, CEO of Changelly, said

The DeFi space is expanding rapidly. It is great to announce the successful closing of this private financing and the success in attracting some of the largest and most active investors to lead the round.”
deFire leverages DLT and modern marketplace architecture to significantly and transparently improve the quality of institutional and individual order execution, revolutionizing the high-performance trading environment. We will bring a lot of value and liquidity to the Cardano ecosystem.
In addition, the project was incubated by Occam.Fi and will launch IDO with the first live launch of its token on OccamRazer, the Occam.Fi fundraising platform.

Mark Berger, President of Occam Association, stated

The DeFi market is accelerating. Once the smart contract is released, Cardano will be the first choice for significant liquidity on the chain.

Posted by:CoinYuppie,Reprinted with attribution to:
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