Hashflow Raises $25M From Jump Crypto, Wintermute and GSR

key takeaways

Hashflow plans to “aggressively onboard new market makers to maximize the liquidity on its platform”
Returning investors include Electric Capital, Dragonfly Capital Partners, LedgerPrime, and Balaji Srinivasan

Decentralized crypto exchange Hashflow has raised a $25 million Series A venture round, bringing the company’s valuation to $400 million.

Investors included Jump Crypto, Wintermute and GSR. The raise follows the company drumming up a $3.2 million seed round in April last year.

Hashflow is known to have a “bridgeless” cross-chain swap protocol. Unlike other prominent decentralized finance (DeFi) trading platforms that use automated market makers (AMM) to facilitate trades, Hashflow allows users to request quotes from an entity that does price discovery off-chain.

This model gives less volatile price offerings compared to traditional AMMs Varun Kumar, CEO of Hashflow told Blockworks.

The DeFi company hopes to use the newly raised capital to craft a more-seamless trading experience by bringing more trading products onto the Hashflow platform. It also has plans to expand its engineering and marketing teams.

Kumar said that Hashflow will soon be deployed on Solana. This will allow cross chain swaps between Ethereum Virtual Machine (EVM) chains and non-EVM chains.

Bridge protocols have struggled to attract users in the bear market. Multichain, one of the largest cross-chain bridge protocols saw its value plummet from $7 billion to $2 billion in less than half a year.

Despite these market conditions, Kumar says that Hashflow is “well-capitalized and actively hiring.” His main priority moving forward will be to “aggressively onboard new market makers to maximize the liquidity on its platform.”

“We intend to continue to build, scale, and hire after this raise,” Kumar said.

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