SundaeSwap Labs, decentralized finance (DeFi) platform company, said today that it secured $1.3 million in a seed funding round by cFund, a Blockchain industry early-stage startup capital fund. SundaeSwap Labs is a software business working on a suite of tools that would enable Cryptocurrency trading and usage on the Cardano Blockchain, which is presently the world’s third-largest Cryptocurrency by market value.
The decentralized exchange (DEX) will first offer an Automated Market Maker (AMM) that will regulate liquidity for the assets exchange on the Cardano, which is at the heart of SundaeSwap Labs. SundaeSwap will utilize the funds to speed up DEX development, conduct platform testing, and fine-tune the user experience ahead of its planned debut.
SundaeSwap will use the funds to speed up the development of new DEX features, complete the scoping of the company’s larger ambitions for DeFi on Cardano, and expand its capacities to support its plans.
Mateen Motavaf, CEO of SundaeSwap Labs, said the inclusion of smart contracts to the Cardano Blockchain has opened up many doors for the DeFi community on the platform. SundaeSwap’s team efforts to establish a long-term company that will give the Cardano community tools and required services to create value and achieves its mission of allowing economic empowerment for those who need it cFund’s investment has been recognized most.
David Roebuck of Wave Financial’s mission is to bring world-class ideas and solutions to market on the Cardano Blockchain as quickly as possible. We accomplish this by identifying aspirational entrepreneurs with excellent company ideas and converting ideas into reality. SundaeSwap is building a platform that can become an industry leader, and the firm is excited to be able to assist them in achieving their objectives with this investment.
SundaeSwap Labs creates decentralized finance (DeFi) solutions that enable everyone to be economically empowered. The SundaeSwap DEX, a decentralized exchange allowing peer-to-peer transactions to be done fast, securely, and cheaply, is at the center of its development activities. Participants on the Cardano Blockchain can use the SundaeSwap DEX to offer liquidity and build a market for others to trade their native tokens.
cFund is an agnostic venture fund anchored by IOG/Charles Hoskinson and managed by Wave Financial, an SEC-registered investment advisor with $1 billion in AUM. It invests in companies that build innovative technologies, Cardano-based apps, and products or deploy IOG R&D initiatives.