According to the latest reports, dTrade has announced that it has successfully concluded a funding round. The decentralized exchange (DEX) platform has announced that it has generated $22.8 million worth of funds from the fund round.
The firm has revealed that the funds raised through the round will be dedicated to the market-making fund. With the help of the market-making fund, the platform will be able to offer users high liquidity.
dTrade has announced that by offering high liquidity, the platform will be able to bring in a more user base towards the decentralized finance (DeFi) sector. This would eventually bring in more adoption to the decentralized finance sector from the cryptocurrency community.
dTrade is a decentralized exchange that will be based on the Polkadot network and it is hoped to launch by the end of 2021.
The firm has revealed that with the funding, it will focus on deep liquidity. The firm has revealed that it is also going to form many partnerships in the upcoming days. According to dTrade, partnerships will be formed with major entities from the cryptocurrency industry. These major cryptocurrency firms are known for being the largest market makers.
The announcement in regards to the completion of the funding round was made by dTrade on Tuesday, September 14, 2021. The funding collected through the investment round would also be used for on-chain loans’ facilitation to the market makers. These market makers will reportedly be working as dTrade’s liquidity providers.
According to dTrade, it won’t just be the liquidity providers who will be able to benefit from the project but also the community members. These members will also have the opportunity to participate in different projects that dTrade will launch through the blockchain.
One of the most benefitting services for the community members would be the programs that dTrade will introduce through the blockchain. The programs by dTrade will be launched soon, but they will have to wait for the parachain auctions to be concluded by Polkadtor. It is hoped that the auctions will be concluded by the end of 2021. Once that is done, dTrade will start deploying the programs through the blockchain.
Many companies from the blockchain sector participated in the funding round that has very high reputations in the industry. Some of the most prominent blockchain companies included DeFiance, Polychain, Hypersphere, CMS, and Alameda Research.
The main purpose for the existence of market makers in the cryptocurrency trading sector is to facilitate traders. They provide traders with easy access to positions whether opening trade or exiting it. This means that they are facilitated through the market makers while they perform digital asset sales and purchases through the open markets.