Quick take:

  • The company will use the capital to build its DeFi L2 on Solana capable of performing at the level of a centralised exchange without compromising security and decentralisation.

  • Zeta claims to have already crossed $6B in total trading volume and reached over 100k monthly active users.

  • The company is looking to scale its offerings amid the rapidly growing Solana ecosystem.

Zeta Markets, a Solaba-based decentralised exchange platorm has completed a $5 million strategic round led by Electric Capital. 

The fundraising also attracted participation from DACM, Selini Capital, Airtree Ventures with Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute joining as angel investors.

Zeta plans to use the fresh capital to ramp up its platorm. The company is building “the first” DeFi L2 on Solana, capable of achieving the performance levels of a centralised exchange “whilst maintaining the security and self-custodial nature of a decentralized exchange.”

Zeta claims to have already crossed $6B in total trading volume and reached over 100k monthly active users. The company is now looking to further scale its offerings amid the rapidly growing Solana DeFi ecosystem.

Commenting on the strategic raise, Tristan Frizza, Founder of Zeta Markets was excited about receiving backing from Electric Capital and other investors amid the bear crypto market.

“At Zeta Markets, our aim is to craft the ultimate one-stop trading platform, where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This fundraising helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX,” Frizza said.

Avichal Garg, Co-founder and General Partner of Electric Capital highlighted Zeta’s L2 roadmap as a sign of commitment to Solana.

“We have seen firsthand their perseverance through the bear market and their commitment to the Solana ecosystem. The Zeta team’s focus on building high-quality, decentralized solutions that solve real problems for users has resulted in tremendous momentum this year,” Garg said.

The company has also announced the launch of its governance token $Z, which enables the Zeta community to govern and shape the future of Zeta Markers.

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The post Solana-Based DEX Platform Zeta Markets Secures $5M Strategic Round Led by Electric Capital appeared first on NFTgators .