Mangrovea decentralized crypto-currency exchange platform created by Frenchhas completed a 7.4 million round of financing.
Founded in 2021 in Paris, Mangrove Exchange develops a DEX which allows liquidity providers to publish smart contracts in the form of offers.
With this system, as long as an offer published on Mangrove is not retained, it can generate yield. The liquidity can thus be shared, borrowed, lent and, at the same time, posted in the platform’s order book.
” [Mangrove] Is not based on pools like Uniswap-type DEX. LPs do not have to lock in their liquidity. The main difference from other DEXs is that, unlike regular DEXs, the liquidity offered on Mangrove’s books is not locked into a pool,” Mangrove explains on its website.
And the startup co-founded by Adrien Husson Vincent Danos and Jean Krivine has closed a new round of financing. A series A of 7.4 million dollars co-led by Cumberland and Greenfield Capital with participation from Gumi Crypto Capital and CMT.
The collapse of FTX showed that users value the capital efficiency of an order book exchange, but should not be required to trust a centralized provider. By replicating the capital efficiency of a centralized exchange in a trustless exchange, Mangrove is helping to solve fundamental market problems,” the company wrote in a statement.
The deal, which follows a previous $2.7 million raise in 2021, closed last summer. Alpha signups are open today and DEX is expected to initially launch on Polygon this year.
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