Chainge Finance has received a $13 million investment capital from two digital asset investment firms Gem Digital and Alpha Token Capital to augment cross-chain trading. The firm first announced plans to raise the fund in April.
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Of the two investors, Gem Digital Limited based in the Bahamas committed $10 million, while Alpha Token Capital (ATC) has vowed to pour in $3 million towards Chainge’s “mission to change the long tail exchange market.”
Chainge Finance Wants To Disrupt the Market
Under the leadership of Najam Kidwai, Mike Lempress, and Dejun Qian, Chainge is looking at leveraging the investment to disrupt the long-tail market.
In an announcement on Monday, the cross-chain liquidity protocol revealed it received the funding to expand its services and make trading more accessible to users globally by leveraging AI.
“Our goal is to create a seamless trading experience across multiple blockchain platforms.”
Chainge CEO Dejun Qian
According to Chainge, the investment is also a thumbs-up of its vision of affording users seamless access to digital assets across numerous chains. This comes as interoperability has been cited as a key enabler in decentralized finance.
💥 Chainge has secured $13Million in investment from GEM Digital & Alpha Token Capital to supercharge our AI-Trading Protocol's Expansion!
This leap is poised to drive sustained growth, bringing cutting-edge AI-driven solutions to a global audience
📰 https://t.co/PXDtO1np1H pic.twitter.com/CTKk30I90l
— Chainge 🪢 (@FinanceChainge) May 27, 2024
Plans To Break Blockchain Technologies Complexities
Chainge has also indicated the $13 million investment will help it focus on breaking barriers in the digital assets space.
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One of the major concerns in the industry is lack of interoperability, and this investment seeks to address that challenge.
Chainge says the new investment should enhance its ability to provide the necessary tools to navigate the complexities of blockchain technology “effortlessly.”
With the investment, the platform also seeks to capture the emerging opportunities in the digital asset industry and redefine cross-chain trading standards.
The Initial Expansion Initiative
Initially, Chainge reportedly floated the idea to its community members to fund-raise from investment companies beginning of April.
The platform, which had about $100 million in total locked value, approached its token holders for approval to raise the funds.
A part of Chainge’s proposal entailed unlocking 50 million of its tokens called XCHNG into the market, which would represent an estimated 10% of its circulating supply.
Chainge did not declare the outcomes of the proposal although its community seems to have accepted the proposal hence the $13m investment.
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Apart from supporting Chainge’s growth and network expansion, the latest funding will increase the company’s visibility to global audiences.
Chainge also plans to channel part of the funding towards recruiting experts to guide the fusion between AI and emerging technologies.
Since 2021, the firm has made strides in the industry, growing into the most liquid cross-chain crypto trading platform, calling themselves the most “advanced DEX aggregator ever developed.”
In 2023, the platform integrated with Kapsa, a blockDAG focused on developing an open and scalable payment network.
Cryptopolitan reporting by Enacy Mapakame