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

The DeFi protocol raised a $3.2 million seed round in April last year

article-image

Blockworks exclusive art by axel rangel

share

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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX

article-image

Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?

article-image

Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says

article-image

Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say

article-image

Jump Crypto is the trading firm at the center of Terra-related market manipulation allegations

article-image

Funds tied to Coinbase co-founder Fred Ehrsam have made the most of the COIN rollercoaster