Cryptocurrencies

DEX Aggregator ParaSwap Raises $2.7M Seed Round From Deep Roster of Crypto Investors

Paraglider takes flight (Juliette G./Unsplash)

ParaSwap, a decentralized exchange (DEX) aggregator, has completed a $2.7 million seed funding round joined by some of the industry’s top investors.

  • France-based ParaSwap hopes its API will become the connective tissue between various decentralized finance (DeFi) applications, founder Mounir Benchemled told CoinDesk via email.
  • “The API does not only allow access to DEXs but also to other DeFi services such as Aave and Compound,” Benchemled said.
  • According to a press release Thursday, ParaSwap raised the seed funding from a total of 32 investors including Blockchain Capital, Alameda Research, Arrington XRP Capital, Coinfund, CoinGecko, Aave founder Stani Kulechov and others.
  • While ParaSwap was started as a DEX aggregator, Benchemled said the firm shifted focus in late 2019 to fine-tuning its API and making the platform an easy-to-use entry point for DeFi applications, traders and wallets.
  • “Our next steps are growing the team and scaling ParaSwap’s infrastructure so that we can support our next business challenges,” he said in the release.

Read more: DEX Aggregator 1inch Raises $2.8M From Binance Labs, Galaxy Digital and More

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