Wombat Exchange, Binance backed multichain stableswap, raises $5.25 million in a Series A funding round led by Animoca Brands and Hailstone Ventures.
Animoca Brands and Hailstone Ventures were joined by BNB Chain, TPS Capital, GSR, Zokyo, Lunar Station, Eureka Trading, Silverstone, Unanimous Capital, and CryptoWesearch in Series A for Wombat Exchange.
Yat Siu, Co-Founder & Executive Chairman of Animoca Brands, commented:
“Wombat Exchange has put together a solid and experienced team to develop a stableswap that has the potential to significantly advance the growth of DeFi. We’re looking forward to seeing Wombat’s meaningful contribution to the BNB Chain and its adoption in the multichain world.”
Seng Huang Lee, Hailstone Ventures Advisor & Group Executive Chairman of Sun Hung Kai & Co., said:
“We were impressed by Wombat’s innovation, and we strongly believe in their contribution to the ecosystem. Their algorithm and solution are pioneering and will support the protocols that will shape the future of DeFi for the better.”
Wombat Exchange has raised a total of $5.3 million in funding over 2 rounds. With this latest round of funding, Wombat’s valuation has increased to $70 million since its seed round investment led by Binance Labs in November 2021. Wombat plans to use the proceeds from this round to accelerate its product development and expansion.
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