Cryptocurrency (Mar 09, 2021 07:00AM ET)
Binance Leads $2-Million Funding Round for OpenOcean
- Binance led a $2 million funding round for OpenOcean Aggregate Exchange.
- OpenOcean will offer a full range of products including price comparisons between Central Exchanges (CEX) and Decentralized Exchanges (DEX).
Binance just led a $2 million strategic funding round for OpenOcean Aggregate Exchange. Other investors include Multicoin Capital, LD Capital, CMS, Kenetic, and Altonomy.
According to an email to CoinQuora, OpenOcean will use the funds to build its full aggregation system. This will draw in mainstream products from both centralized and decentralized exchanges. Also, OpenOcean is pushing to grow its user base, a move that will help boost its market liquidity.
CMS Holdings Partner Bobby Cho believes that aggregators like OpenOcean play a critical role. Cho noted that aggregators help bridge “fragmentation hurdles traders face today”.
In addition, OpenOcean currently supports Ethereum, Binance Smart Chain, TRON, and Ontology trading. The exchange will also be soon adding Solana, Polkadot, and Layer 2 solutions.
Of note, the exchange will offer price comparisons for leading CEX and DEX exchanges. Thus, the exchange will enable investors to make well-informed decisions. In fact, they will be able to gain maximum profits thanks to the exchange’s fee-free protocol.
Multicoin Capital Partner Mable Jiang noted,
“Up till today there is no existing product on the market that offers price comparison of the same trading pair on centralized exchanges and decentralized exchange in one place, and we see this as a unique and large opportunity that OpenOcean captures and differentiates.”
OpenOcean is a crypto exchange aggregator with four versions, namely Indian Ocean, Pacific Ocean, Atlantic Ocean, and OpenOcean. The exchange will offer both CEX and DEX products like derivatives, combined margin products, yield products, lending, insurance, and wealth management.
This article first published on coinquora.com
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