{"id":187744,"date":"2021-02-24T17:00:00","date_gmt":"2021-02-24T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/defi-exchange-protocol-dfx-raises-5m-in-seed-funding-led-by-polychain-capital\/"},"modified":"2021-02-24T17:00:00","modified_gmt":"2021-02-24T14:00:00","slug":"defi-exchange-protocol-dfx-raises-5m-in-seed-funding-led-by-polychain-capital","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/defi-exchange-protocol-dfx-raises-5m-in-seed-funding-led-by-polychain-capital\/","title":{"rendered":"# DeFi exchange protocol DFX raises $5M in seed funding led by Polychain Capital"},"content":{"rendered":"

“# DeFi exchange protocol DFX raises $5M in seed funding led by Polychain Capital <\/strong>”
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Veteran cryptocurrency investor Polychain Capital has joined a funding round in DFX Finance, a new decentralized finance exchange protocol optimized for non-U.S. dollar stablecoins.<\/p>\n

DFX raised more than $5 million in seed funding from Polychain and True Ventures to create a new blockchain-powered market for stablecoins and open up DeFi app<\/a>lications to a global audience. Announcing the news<\/a> Wednesday, DFX said that other investors included industry players like Hex Capital, CMS Holdings, Castle Island Ventures, and DeFi Alliance.<\/p>\n

DFX is currently being developed<\/a> by contributors from major crypto projects and firms like the Ethereum Foundation and ConsenSys. The platform is looking to provide a solution for DeFi users residing outside of the United States who often have to take on U.S. dollar risk when depositing, collateralizing and pooling liquidity.<\/p>\n

As such, DFX will debut<\/a>\u00a0liquidity mining launching with three foreign stablecoins, including the Canadian dollar-pegged CADC, euro-based EURS, and the Singapore dollar-pegged XDGD. As the platform grows, DFX will add more stablecoins, and plans to allow DFX token holders to vote for new coins they’d like to add to the platform.\u00a0<\/p>\n

In order to enable liquidity mining, DFX is using major U.S. dollar-pegged stablecoin USD Coin (USDC). \u201cWe leverage USDC in the heart of DFX as all of our non-USD stablecoins are paired with USDC,\u201d core DFX contributor Kevin Zhang told Cointelegraph.<\/p>\n

Niraj Pant, partner at Polychain Capital, believes that DFX has solid potential to become a major player in DeFi industry:<\/p>\n

\u201cBy bringing FX into the DeFi space, we believe DFX will enable dozens of novel applications. Ultimately, we believe DFX is well positioned to become a core piece of DeFi infrastructure.\u201d<\/p><\/blockquote>\n

Amid the DeFi industry steadily gaining momentum, Polychain Capital has been actively investing in various DeFi projects. Earlier in February, the company participated in a $1 million funding round for Manta Network to help the startup build a fully private decentralized exchange on Polkadot.<\/p>\n