Hashflow, a Santa Monica, Calif.-based decentralized exchange connecting DeFi traders with top crypto market makers, closed a seed funding round of $3.2m.
The round was led by Dragonfly Capital and Electric Capital, and joined by IDEO Ventures, Alameda Research, Metastable, Galaxy Digital, Unanimous Capital, and angels including Balaji Srinivasan, Kain Warwick, & Ryan Sean Adams.
The company intends to use the funds to expand its development efforts.
Hashflow connects DeFi traders with top crypto market makers. Using it, traders can receive price quotes directly from market markers and broadcast trades on-chain using Web3 wallets.
For market makers, Hashflow provides access to the expanding DeFi market while allowing full control over their inventory and pricing strategies. Until now, market makers have had to deploy capital in public liquidity pools, use pre-defined pricing functions, and pay heavy gas fees to change strategies on-chain. With Hashflow, market makers can use bespoke pricing strategies and bridge them on-chain using digital signatures. This gives market makers full control over their capital, and flexibility to adapt to market conditions, using strategies informed by years of experience in centralized markets.
The platform launched its closed private alpha product this week, with market makers offering price quotes to traders on Ethereum mainnet. In the coming weeks, Hashflow plans to integrate more market makers, and add additional asset pairs that dominate on-chain trading volumes. General audiences will be able to access Hashflow and trade on-chain with market makers by the end of Q2.