BloXroute, a crypto company that offers DeFi trading tools, has raised $70 million in a Series B financing headed by SoftBank Vision Fund 2.
Dragonfly Capital, ParaFi Capital, Lightspeed Venture Partners, GSR, Jane Street, and Flow Traders were among the other investors. BloXroute’s co-founder and CEO Uri Klarman explained that this was an equity fundraising round that will assist the company in expanding its team and building its business.
BloXroute, based in Chicago, now has 30 employees and expects to expand to 100 in the near future, according to Klarman. Robert Kaplan, an investment director at SoftBank Investment Advisors, has joined the BloXroute board as part of the purchase.
BloXroute, which was founded in 2018, bills itself as the “Flash Boys for DeFi,” assisting traders in winning trades ahead of slower competitors. BloXroute claims that their blockchain distribution network helps customers bypass network congestion and swiftly obtain key trade information like buy and sell orders.
Uri Klarman stated the following on the new funding:
“DeFi is a peer-to-peer network. Because critical information — such as prices, positions, and arbitrage opportunities — can come from anywhere, you must be connected to everyone.BloXroute comes in handy here. We transmit DeFi data at nearly light speed, allowing our users to execute better deals.”
BloXroute has already raised $95 million in total capital, according to Klarman. He wouldn’t say anything about the company’s worth. BloXroute has already raised funds through a SAFT (simple agreement for future tokens) sale. However, according to Klarman, the company’s intentions for a token launch were shelved.
BloXroute’s funding comes at a time when blockchain infrastructure businesses are receiving record amounts of venture capital funding. So far this year, such businesses have raised billions of dollars in funding.
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