Today, we’re excited to welcome DeFiance Capital as our newest partner in our journey, following the completion of a USD $1.2 million strategic raise led by the renowned crypto investment firm. This round was joined by Three Arrows Capital, Digital Assets Capital Management, DeFi Capital and MXC Exchange.
This event is a nod of affirmation towards our vision of building a truly permissionless decentralized market protocol. We are humbled to have the confidence and support of these established names in the cryptosphere, amidst the number of competing DeFi projects, companies and protocols.
Arthur Cheong, Founder and Portfolio Manager of DeFiance Capital shared that “We are delighted to support Switcheo in their efforts to build a state of the art cross-chain liquidity and derivatives trading protocol. Through relentless execution across market cycles, the Switcheo team have proven themselves as a force to be reckoned with. We believe decentralized derivatives will be one of the next major DeFi primitives to take off and Switcheo will be well positioned to capture this market. We are excited to back them as one of the best builders in this space.”
DeFiance Capital along with the joining partners will be actively involved in accelerating the growth of Switcheo by helping to scale our protocol to reach a wider user base. Our latest partners will also support us in pioneering new developments, and strengthen our presence during upcoming launches.
Richard Galvin, Co-Founder and CEO of Digital Asset Capital Management said: "We are excited to partner with Switcheo and our fellow investors to help Switcheo's team continue to develop and launch innovative, decentralised liquidity solutions for crypto traders. This is one of the most exciting areas of the burgeoning DeFi ecosystem and we believe Ivan and his team are ideally placed to take a leading role in its ongoing evolution and growth.”
Amos Sun, Investment Director of MXC added “We’ve been following Switcheo’s development and saw a great team working together for decentralized derivatives products. We are glad to be one of Switcheo’s backers. We believe that derivatives are the core component of DeFi and will take over the second half of DeFi. We believe Switcheo will take the leading role in this space.”
Earlier this year, we announced plans to develop Demex, a highly-anticipated Layer 2 decentralized exchange built on the decentralized trading protocol, Switcheo TradeHub. The first DEX of its kind, Demex will place Switcheo at the forefront of the decentralization movement as a secure, fully decentralized platform that is flexible enough to trade sophisticated financial instruments and derivatives such as futures, bonds and options, at scale.
Ivan Poon, Co-Founder and CEO of Switcheo, says about the raise: “Switcheo has come a long way since its inception in 2017. The immense support from the many great partners we have had the opportunity to work with has been vital in bringing Switcheo’s vision to life. As we continue to move forward, we are thrilled to welcome our newest partners who will help take Switcheo to even greater heights.”
About DeFiance Capital
DeFiance Capital is a Decentralized Finance (DeFi) focused cryptoasset fund that combines fundamental research with an activist investment approach. Their focus on DeFi is intricately intertwined with their investment thesis: As software ate the world over the last decade, DeFi will eat traditional finance during the next decade.
It has established itself as one of the most well-respected investors and leading thought leaders in the DeFi space. Their unique perspectives and analysis are recognized as being at the forefront of the Crypto industry. DeFiance Capital is also recognized by The Block as one of the most active DeFi investors in the space.
About MXC Exchange
Established in 2018, MXC Exchange is one of the world's leading digital-asset trading platforms. It is able to offer users one-stop services regarding digital assets, including spot, margin, leveraged ETF and contract trading services, as well as PoS staking service. Since its establishment, MXC has successively applied for compliance licenses in 5 countries including Switzerland, Canada, Australia, and the United States. Users are distributed in English, Russian, Korean, Portuguese, Turkish, Vietnamese, Hindi, Malay, India, Africa and other language areas or countries.