Dragonfly Leads Aptos Funding Round
In a seed fundraising round headed by Dragonfly, Econia Labs, a business creating an order book system for the Aptos blockchain, raised $6.5 million.
According to CEO Alex, the company will utilise the money to hire more employees, support neighbourhood projects like hackathons and award programs, and aid in the onboarding of developers into the Aptos and Econia ecosystems. Alex didn’t give a name for his family.
Econia Labs, based in Portland, Oregon, is developing a back-end protocol that will act as the foundation for DeFi projects on Aptos. According to Alex, the protocol includes order books, a feature of both centralised cryptocurrency exchanges and traditional finance that enable traders to purchase or sell assets at the price they choose or just accept the best price the market has to offer. Econia brings order books on-chain in a transparent, permissionless way and supports integrations with DeFi applications that offer a range of trading options such as spot trading or leveraged derivatives.
(With inputs from Shikha Singh)
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