Domination Finance, a Chicago, IL-based non-custodial, decentralized exchange for dominance pairs, raised $3.2m in seed funding.
The round was led by ParaFi Capital, an alternative investment firm focused on blockchain and decentralized finance markets, with participation from such investors as Dragonfly Capital, AU21, Shima Capital, LD Capital, Huobi Ventures, OKEx BlockdreamVentures, KNS Group, GSR, CoinGecko and other angel investors.
Led by Adrian Kolody and Michal Cymbalisty, Domination Finance is a decentralized exchange for trading dominance pairs. Built on the Universal Market Access (UMA) protocol, the company’s desktop and mobile interfaces allow users to speculate on dominance pairs and earn trading fees by providing liquidity. The operational platform allows users to trade Bitcoin Dominance (BTCDOM), Ethereum Dominance (ETHDOM), and Tether Dominance (USDTDOM).
The company intends to use the funds to expand services offered on DomFi’s platform, which tracks the price of bitcoin versus the price of altcoins using data provided by CoinGecko. Built on the Universal Market Access (UMA) protocol, Domination’s user-focused interface allows retail traders to not only analyze shifts in relative coin prices but also trade on the overall market dominance of Bitcoin, Ethereum, and Tether as easily as using Twitter.