Jumbo Raises $3.5M in Funding

Jumbo

Jumbo, a provider of a decentralized exchange built on the NEAR Protocol, raised $3.5M in funding.

The round was eld by Pantera and Huobi Incubator, with participation from DWEB3, D21 Ventures, Metaweb Ventures, Fundamental Labs, Proximity, and Genblock Capital.

The company intends to use the funds to develop user-friendly design and feature offerings.

Led by CEO Alex Dyatlenko, Jumbo is an AMM-powered decentralized exchange based on the NEAR Protocol that offers a cheap way for anyone to trade. Jumbo Exchange also employs HAPI, a novel security system that uses know-your-transaction (KYT) technology to ensure safety and security of users. So far, the exchange has garneredĀ $19.5Ā in total value locked (TVL),Ā $745 millionĀ in cumulative volume, and has a user base consisting of more than 20,000 unique wallets.

The company has development plans for 2023, including smart route trading, staking, and more to come in the first quarter of the year.

FinSMEs

11/01/2023