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deFIRE Lands $5 Million In Fresh Capital To Bring DeFi To Cardano

May 13, 2021 10:46 am
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deFIRE Lands $5 Million In Fresh Capital To Bring DeFi To Cardano

As it endeavors to bring its smart order routing system to Cardano to connect expansive on-chain liquidity with decentralized exchanges handling order execution, deFIRE has closed fresh venture funding ahead of its planned IDO.

Capital Injection To Drive System’s Scaling & Capacity Expansion

With competition in the decentralized finance arena mounting, more networks aim to play a role in this financial revolution and capitalize on its growth. However, serious gaps in the infrastructure remain, and the fragmented ecosystem continues to pose challenges for investors demanding deep liquidity and fast execution.

To address DeFi’s holes, deFIRE is developing a bridge between on-chain liquidity and the order execution available from decentralized exchanges through its highly performant smart order routing mechanism. This DeFi platform incubated by Occam.Fi, a group building Cardano’s DeFi layer, will support token swaps, DEX order routing services, and operate as a trusted intermediary between wallets and exchanges.

To continue developing its infrastructure and scaling potential, deFIRE has successfully closed $5 million from a consortium of investors in a pre-IDO fundraising round. The round featured participation from notable investors, including Axia8 Ventures, CoinsGroup, Cryptodromfund, Exnetwork, GenBlock, Hype Partners, IBA, Lotus Capital, MoonWhale, Morningstar, Newtribe Capital, Nodeseeds, Sheesha Finance, and SwissBorg Ventures.

According to Mark Berger, President of the Occam Association, “DeFi is growing at an accelerated pace. Cardano will be the go-to destination for massive flows of on-chain liquidity once smart contracts are released. To accommodate most seamlessly the order flow aimed towards the Cardano-DeFi ecosystem it is crucial to offer optimal, trustless order execution. Led by the best team and powered by the CWAP native token, deFIRE is light years ahead of competition.”

Powered by Changelly in collaboration with Occam.Fi, deFIRE will capitalize on its partner’s expertise and use this fresh funding to build token liquidity, garner more community support, and set the stage for the ecosystem’s price discovery. Changelly’s experience, in particular, will be valuable for the ecosystem given the platform’s fiat on-ramp and expansive swap capabilities, giving deFIRE a leg up as it aims to bring secondary on-chain liquidity to Cardano via token swaps.

The latest funding round will be followed by a deFIRE initial DEX offering (IDO) set for the OccamRazer launchpad. After completing the IDO, the project will transition to a decentralized governance system through its deFIRE DAO plans. From there, holders of deFIRE’s native tokens will have the opportunity to bring proposals to the community and vote on initiatives once the mainnet release is live.

Commenting on the decentralized platform’s potential, Changelly CEO Eric Benz adds, “deFire leverages DLT and a contemporary market architecture to revolutionize the high-performance trading landscape by significantly and transparently enhancing order execution quality for institutions and individuals alike. Working alongside I am sure we will bring a lot of value and liquidity to the Cardano ecosystem.”

Image Sourced from Pixabay

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