Decentralized exchange Krypton raised $7 million in a seed fund led by Framework Ventures. Market participants will be fully protected from predatory trades and inefficiencies.
Decentralized stock exchange Krypton raised $7 million in a seed round, led by Framework Ventures.
Chainlink’s fall 2021 hackathon was won by Krypton. The goal is to be the first exchange that protects market participants against predatory trading and inefficiency.
Funds from the seed round will be used for the launch of the decentralized exchange during the first quarter 2023.
Other investors include are Samsung Next, GSR, and Foresight Ventures. Krypton stated in a release that.
Decentralized exchanges allow parties to transact directly without the use of financial intermediaries using blockchain technology.
The Krypton Exchange leverages a continuous auction for price discovery. This aims to reduce slippage, protect against Maximal Extractable Valu (MEV), and prevent impermanent loss. This is when token prices change compared to when they were placed in the liquidity pool.
Krypton uses Chainlink’s Decentralized Oracle Network to power its matching engine. It can perform complex calculations off-chain, which lowers trading costs.
Michael Anderson, cofounder of Framework Ventures said that Krypton is a platform that can be used to create a new form of crypto trading. This could potentially reach new user demographics. We believe Krypton’s solution to DeFi’s transformation .” will play a significant role in this transformation.
Krypton’s most recent seed raise is consistent with the average check size of a seed round according to Block Research’s August financing recap .
