Decentralized trading infrastructure protocol based on the Near blockchain Orderly Network has raised an amount of funds from India’s CoinDCX Ventures in a strategic investment round.
Orderly Network Raises $200 Million of Fresh Funding
Orderly Network did not disclose the size of the investment in a statement, but chief operating officer Arjun Arora told The Block that the funding was a $200 million lump sum through a simple Future Tokens (SAFT) contract. According to the reports, it’s the same valuation when Orderly raised funding from Nomura’s Laser Digital in November.
Arora said CoinDCX Ventures completed its investment in Orderly last month. He later added that initial negotiations began in late October. CoinDCX Ventures, a division of CoinDCX, one of India’s largest centralized cryptocurrency exchanges, was inspired to bet on Orderly because of its decentralized cryptocurrency exchange, according to its CEO Rohit Jain. According to his words, order book decentralized exchanges (DEXs) “are the next phase in the evolution of DEXs” as they offer centralized exchange-like experience but on-chain and with self-custody benefits.
“We are very bullish on this model and while a few teams are building in the space, we think Orderly is perhaps the best team to build this out,” Jain told The Block.
Orderly Network was launched in 2021 by Near and Woo Network. The mainnet went live in October last year and now provides the infrastructure for trading on the spot order book.
“Right now, we have six spot markets and one dApp, i.e. WooFi DEX. The next plan is to support perpetual futures and multiple dApps by the end of April, and multichain support will also follow next. Users can expect to see multichain perps across the blue-chip Ethereum virtual machine (EVM) and non-EVM chains. Users can also expect native deposits and withdrawals from blue chip chains.” – Arora said.
According to DefiLlama, Orderly Network’s current total locked value (TVL) is $6.2 million. Arora says he expects TVL to “increase significantly” in the coming months with perps, new dApps, and the launch of multi-chain support. According to Arora, Orderly’s native token is expected to launch in the second half of this year. To keep up with growth plans, Orderly wants to increase the team size of its current 32 full-time employees through cross-functional hiring.
Orderly is the fifteenth investment from CoinDCX Ventures. The venture capital unit was launched in May 2022 with a capital of $12 million. To date, it has invested in 15 startups, including Stader Labs, Space & Time, and Unstoppable Domains.
Source
Check out more of our latest news here
Leave a comment