Orderly Network, a Decentralized Exchange (DEX) protocol incubated by NEAR and Woo Network has raised $20 million in venture capital funding.
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As contained in a note shared with Blockchain.News, the funding round was led by Three Arrows Capital with participation from Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures, and MetaWeb.VC, as well as a group of strategic partners.
Venture financing is expected to be trickling down considering the highly bearish macroeconomic outlook of the broader digital currency ecosystem and financial world. As a protocol that aims to empower DApps built on NEAR with DEX solutions, Orderly Network has earned its place as one of the outfits worthy of being embraced with its infrastructural positioning.
“We are proud to back Orderly as they build out top-performing infrastructure and deep liquidity on NEAR. Infrastructure being built for traders by traders—results in better products that are designed to meet the specific needs and provide the best possible trading experience. Pairing this product-first ethos with best-in-class liquidity options and a team with a proven track record, we believe that Orderly is primed for success,” said Kyle Davies, Co-founder, of Three Arrows Capital.
Orderly Network plans to use the new funding round to absorb more staff across different units, and “develop and enhance new and existing products while growing the Orderly ecosystem and establishing partnerships along the way.”
In addition to the series of solutions it has launched in times past, Orderly Network plans to also “launch community lending pools where token holders are able to lend assets to market makers while enjoying a single-sided liquidity provision with sustainable yields.”
Venture Capital firms are doubling down on the efforts to back innovative products working toward the mainstream adoption of cryptocurrencies. As reported earlier by Blockchain.News, Solana announced a $100 million fund to back Web3.0 startups in South Korea, and these investments are bound to continue trickling in irrespective of the underlying economic outlook.
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