Switcheo has secured a US $1.2 million strategic raise led by DeFiance Capital, a DeFi-oriented venture capital fund that “combines fundamental research with an activist investment approach.” Other investors in the round include Three Arrows Capital, Digital Assets Capital Management, and MXC Exchange.
DeFiance Capital was founded by Arthur Cheong, who also serves as the firm’s portfolio manager. The entity claims to “provide investment management services for cryptoassets and generate exceptional risk-adjusted returns.” Previous investments include projects such as Aave, Synthetix, DODO, Kyber Network, dHEDGE, and Mstable. On the Switcheo fundraise, Cheong said:
We are delighted to support Switcheo in their efforts to build a state of the art cross-chain liquidity and derivatives trading protocol. Through relentless execution across market cycles, the Switcheo team have proven themselves as a force to be reckoned with. We believe decentralized derivatives will be one of the next major DeFi primitives to take off and Switcheo will be well positioned to capture this market. We are excited to back them as one of the best builders in this space.
As part of the investment, DeFiance Capital and the joining partners intend to be “actively involved in accelerating the growth of Switcheo by helping to scale their protocol in order to reach a wider user base.” The partners also aim to assist Switcheo in pioneering new developments and strengthening Switcheo’s presence during upcoming launches. Switcheo stated:
This event is a nod of affirmation towards our vision of building a truly permissionless decentralized market protocol. We are humbled to have the confidence and support of these established names in the cryptosphere, amidst the number of competing DeFi projects, companies, and protocols.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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