Wasabi Protocol has raised $3 million to develop its decentralized trading platform. 🟢💰💸
Wasabi, a decentralized platform revolutionizing the leveraged trading of memecoins and NFTs, has secured a $3 million seed funding round. Led by Electric Capital, the investment included participation from a diverse group of prominent backers, including Alliance, Memeland, Spencer Ventures, and several notable figures from the crypto community.
This significant influx of capital is set to propel Wasabi's growth and development. The funds will primarily be utilized to expand the team, allowing Wasabi to accelerate the development of its platform and introduce new features to cater to the growing demand for memecoin and NFT trading tools.
What sets Wasabi apart is its innovative approach to leveraged trading. Unlike traditional perpetual decentralized exchanges that rely on market makers for price feeds, Wasabi leverages actual assets, minimizing counterparty risk and enhancing the security of the platform for users.
This unique approach has already proven successful, with Wasabi experiencing rapid growth since its launch. The platform has facilitated over $500 million in trading volume and boasts a community of over 18,000 traders. Its total value locked (TVL) has exceeded $111 million, and the platform serves over 66,000 liquidity providers.
The fresh funding will enable Wasabi to further solidify its position in the burgeoning DeFi space. The company plans to focus on expanding its team, hiring talented individuals across various domains, including smart contract engineering, back-end development, quantitative analysis, and operations.
With its strong financial backing, innovative technology, and growing user base, Wasabi is well-positioned to become a leading player in the memecoin and NFT trading space. The platform's commitment to providing secure, efficient, and user-friendly tools is expected to drive further adoption and cement its place as a key player in the evolving landscape of decentralized finance.
