Unizen, a centralized-decentralized (CeDeFi) exchange, announced Monday that it has secured a $200 million capital commitment from a new strategic partner, Global Emerging Markets (GEM).
Track live crypto price of 10000+ coins!
Global Emerging Markets (GEM) is a $3.4 billion alternative investment group that offers various alternative investment management services focused on emerging markets across the globe.
The capital raised is not a funding round per se. Unizen described GEM’s $200 million as a “capital commitment – is milestone-based and performance-related commitments, which are subject to the satisfaction of certain conditions, to ensure the initial funding is well spent.
Unizen is promoting the new funding round as a major milestone in developing its trading ecosystem. The CeDeFi exchange said it would use the funding to accelerate the development of its trade aggregation system.
Unizen said it will use the funding to improve its ecosystem in order to improve the trading experience for retail and institutional players. In other words, the exchange will use the capital to market its products, grow its team, and accelerate its in-house aggregation system, which is designed to find the most efficient trade routes across different centralized and decentralized crypto exchanges, like Binance, Uniswap, and PancakeSwap.
Unizen is a smart exchange ecosystem that combines the features of both centralized and decentralized exchanges, creating a structure called “CeDeFi.”
Its platform is significantly useful to traders because it supports CeFi and DeFi apps on multiple blockchain networks, and so it aggregates trades across the entire crypto ecosystem at favourable rates compared to other exchanges.
Unizen is built on BNB Chain, the blockchain network of crypto exchange Binance. Changpeng “CZ” Zhao, Binance CEO, is regarded as the one who coined the term “CeDeFi” to refer to a system where users can gain access to the benefits of DeFi without directly interacting with DeFi protocols and the risks associated with such protocols.
Sean Noga, CEO of Unizen, talked about the funding: “We are proud to welcome GEM to the Unizen Ecosystem as a potent and strategically aligned growth partner that can support the rapid expansion of the Unizen platform, brand, and community.”
The firm behind Unizen is Zen Innovations Pte. Ltd., an exempt private company headquartered in Singapore.
Image source: Shutterstock
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: