Wombat Exchange, a hyper-efficient multichain stable swap backed by Binance, has successfully closed a $5.25-million Series A funding round led by Animoca Brands and Hailstone Ventures. Additional investors in the round included BNB Chain, TPS Capital, GSR Markets, Zokyo, Lunar Station, Eureka Trading, SilverStone, Unanimous Capital, and CryptoWesearch.
With this latest round of funding, Wombat’s valuation has increased to $70 million since its seed round investment led by Binance Labs in November 2021. Capital from this round will accelerate Wombat’s product development and expansion.
“Wombat Exchange has put together a solid and experienced team to develop a stable swap that has the potential to advance the growth of decentralized finance (DeFi) significantly. We’re looking forward to seeing Wombat’s meaningful contribution to BNB Chain and its adoption in the multichain world,” said Yat Siu, co-founder and executive chairman of Animoca Brands.
“We were impressed by Wombat’s innovation, and we strongly believe in their contribution to the ecosystem. Their algorithm and solution are pioneering and will support the protocols that will shape the future of DeFi for the better,” said Seng Huang Lee, adviser of Hailstone Ventures and group executive chairman of Sun Hung Kai & Co.
About Wombat Exchange
Wombat Exchange is a BNB-native multichain stable swap focused on re-engineering the stable swap experience with its innovative algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility and scalability in a multichain world.
Its success in the Binance Incubation Program was followed by the BNB Smart Chain Most Valuable Builder Season Four Incubation Program, where it had the pleasure of being one of the monthly stars for January.
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