June 25, 2021

Layer-2 Ethereum trading platform DeversiFi raises $5M in brand-new financing round

2 min read

CryptoNinjas” Layer-2 Ethereum trading platform DeversiFi raises $5M in new funding round

DeversiFi, a layer-2 trading platform powered by StarkWare’s scalable technology, revealed today it has closed a $5 million tactical financing round led by ParaFi with involvement from Defiance Capital, Lightspeed Venture Partners, Blockchain.com Ventures, Delphi Ventures, and others.

Funds raised from the round will go towards the launch of DeversiFi’s layer-2 AMM pools, liquidity mining, and a suite of other tools developed to make Ethereum-based DeFi more convenient.

DeversiFi released its purpose-built governance token DVF in March this year, with its total token circulation greatly tailored towards developing a strong community that rewards the users of their platform.

ETH has actually recently risen to all-time highs but the issue of extreme gas charges stays; with the requirement for more layer-2 services to be made available and available.

DeversiFi is a self-custodial venue”Layer-2 scaling is important to Ethereum’s roadmap. We are producing a hub to invest, swap, send, and lend tokens without the friction and cost of layer-1. As more users onboard we see integrations with central exchanges as being important to reduce the barriers to accessing L2 DeFi,” stated Will Harborne, Co-Founder of DeversiFi.

DeversiFi’s funding round also saw involvement from Fenbushi Capital, OKEx, StarkWare, Longhash Ventures, and popular DeFi founders such as Synthetix’s Kain Warwick, Aave’s Stani Kulechov, and Enzyme’s Mona El Isa, to name a few.

The participation and venture into DeFi of one of the world’s leading VC companies Lightspeed Venture Partners, understood for their financial investments in consumer innovation business such as Snapchat, and Nest, shows that interest in the decentralized area is becoming more traditional.

“DeversiFi has a strong team, early mover benefit with a scaling solution, and a distinct goal to bring DeFi to a larger audience. We are delighted to partner with them and continue investing in DeFi,” said Amy Wu, Partner at Lightspeed Venture Partners.

CryptoNinjas” Layer-2 Ethereum trading platform DeversiFi raises $5M in new financing round