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THORSwap raises $3.75m in private token sale led by IDEO CoLab

·2 min read

THORSwap – a cross-chain decentralised exchange built on THORChain – has raised $3.75 million in a private token sale led by IDEO CoLab Ventures.

The new funding will see THORSwap bring an array of new products to the market and allow the team to pursue its ambition of becoming the leading non-custodial, cross-chain Decentralised Exchange (DEX).

The lead contributor to THORSwap – who goes by the moniker ‘THORSwap Admin’ – spoke of the team’s excitement at the private token sale

“The new funding will allow us to accelerate the launch of new products on top of THORChain and move toward becoming one of the leading cross-chain stacks in decentralized finance,” they said.

Other notable participants in the token sale include True Ventures, Sanctor Capital, THORChain, Nine Realms, Proof Group, 0xVentures, Qi Capital and more.

THORSwap is the world’s first multi-chain decentralised exchange powered by the THORChain network. On THORSwap, anyone can perform cross-chain swaps in a permissionless, trustless, and non-custodial manner.

On THORSwap, users can swap native assets across blockchains without wrapping their tokens – meaning users can trade native assets that operate on different blockchains like Bitcoin and Ethereum with ease.

Gavin McDermott, founder of Nine Realms and partner at IDEO CoLab Ventures commented on how the team was excited to help THORSwap become a cross-chain leading DEX platform.

“THORSwap can become a top five DEX aggregator in the next year, and we are excited to help their team reach this milestone,” he said.

“A cross-chain future is inevitable and THORSwap is well-positioned to push the boundaries of DeFi.”

Alongside the token sale, THORSwap is due to release ten new product features, the THORChads rewards platform and a new desktop app.

Additionally, the native token for THORSwap – $THOR – will be hosting a token generation event in October.

Chad Barraford, the Technical Lead at THORChain, spoke of THORSwap’s recent success and how it was disrupting traditional DEX wallets.

“THORSwap is leading the way showing the greater crypto industry how to monetise a wallet,” he said.

“It is an industry first, that the community can directly and financially benefit from the adoption/usage of a wallet, which mints a brand new category of cryptocurrency investment.”