Orderly Network, a protocol for decentralized exchange protocols, announced a $20 Million fundraise by a group DeFi heavyweights.
According to Thursday’s press release, Three Arrows Capital and Pantera Capital were among the strategic partners that invested in this round.
Near Protocol is the blockchain that Orderly uses. It is backed by Tiger Global. Near was instrumental in the creation of Orderly, which was founded only recently in April. Woo Network, a trading platform and broker, was also involved in the development of the protocol. Orderly is supported by Kronos Research, a market maker, to provide liquidity.
Woo Dex is the first decentralized app (dApp), to be launched on the Orderly Network. It offers trading tools and a user-friendly interface.
Ran Yi, chief ecosystem office at Woo Network, stated in a statement that “Bringing deep liquidity to the Near blockchain and low-fee trading opportunities to the trading platform by introducing DeFi protocols such as Woo Dex will enable users to enjoy an efficient and permissionless trading experience while also giving builders a best platform and build experience for their products and services to launch on it.”
The $20 million will go towards hiring staff, developing new products and forging new partnerships.
