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HomeTechnologyWombat Exchange raises $5.25 million investment to develop products and expansion

Wombat Exchange raises $5.25 million investment to develop products and expansion

Wombat Exchange, a Binance-backed hyper-efficient multi chain stableswap, has concluded a $5.25 million Series A fundraising round headed by Animoca Brands and Hailstone Ventures. BNB Chain, TPS Capital, GSR, Zokyo, Lunar Station, Eureka Trading, Silverstone, Unanimous Capital, and CryptoWesearch were among the other investors in the round.

Wombat’s valuation has risen to $70 million as a result of this second round of fundraising, following its seed round investment led by Binance Labs in November 2021. The funds raised in this round will be used to accelerate Wombat’s product development and expansion.

The  Co-Founder & Executive Chairman of Animoca Brands Yat Siu stated that  “Wombat Exchange has assembled a strong and experienced team to create a stableswap that has the potential to dramatically drive DeFi’s growth.” We’re excited to witness Wombat’s significant contribution to the BNB Chain and its acceptance in the multichain world.”

Seng Huang Lee, Hailstone Ventures Advisor & Group Executive Chairman of Sun Hung Kai & Co says that “Wombat’s creativity impressed us, and we strongly believe in their contribution to the ecosystem.” Their algorithm and solution are cutting-edge, and they will support the protocols that will help build the future of DeFi.”

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