deFIRE Raises $5 Million in Pre-IDO Funding Round to Enable Defi on Cardano

deFIRE, a decentralized financial platform incubated by and powered by Changelly, has announced the closure of its round of funding with $5 million led by strategic private investors. According to DeFIRE, the private investors who took part in the latest round of funding include Morningstar, Cryptodromfund, SwissBorg Ventures, Lotus Capital, MoonWahle, Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds, and CoinsGroup.

Notably, the funds are expected to be used in expanding its infrastructure that helps users access optimal execution services across decentralized exchanges (DEXs).

According to Mark Berger, President of the Occam Association, DeFIRE will grow at a much higher rate and help bring the decentralized financial ecosystem to the Cardano network. “DeFi is growing at an accelerated pace. Cardano will be the go-to destination for massive flows of on-chain liquidity once smart contracts are released.

To accommodate the order flow most seamlessly towards the Cardano-DeFi ecosystem, it is crucial to offer optimal, trustless order execution. We embrace this challenge by merging a rockstar tech team that has built its name in the Cardano ecosystem and the wide business network, other resources of Changelly to build the first optimal execution infrastructure for Cardano. Led by the best team and powered by the CWAP native token, deFIRE is light years ahead of the competition,” Berger explained.

On the other hand, Eric Benz, Changelly’s CEO noted that the successful closure of the round of funding will help DeFIRE revolutionize the trading industry by enhancing transparency in the execution process.

“We are thrilled to announce the successful conclusion of the private round led by some of the largest and most active investors in the rapidly expanding DeFi space. deFire leverages DLT and a contemporary market architecture to revolutionize the high-performance trading landscape by significantly and transparently enhancing order execution quality for institutions and individuals alike. Working alongside I am sure we will bring a lot of value and liquidity to the Cardano ecosystem,” Benz noted.

Changelly is a cryptocurrency firm that has thrived by allowing users to swap between different supported digital assets on a decentralized platform. On the other hand, OccamFi is a decentralized launchpad that was designed for the Cardano network.

Notably, Changelly and OccamFi have partnered to build a more efficient decentralized financial ecosystem layer on the Cardano ecosystem by enabling sustainable liquidity.