Bain Capital Crypto leads DeFi infrastructure and product developer Primitive’s $9 million Series A round.
Other investors in the round include 1Confirmation, Nascent and Robot Ventures, according to a press release issued Thursday.
Founded in 2020 by Alexander Angel, Primitive builds innovative products focused on Automated Market Makers .AMMs power decentralized exchanges , a type of exchange that enables transactions to occur directly between traders without the need for a third party to settle the trade. On a centralized exchange, professional market making firms such as Susquehanna Capital Group and Wolverine Trading provide liquidity for traders.
To remove the risk of liquidity being controlled by a select few parties, decentralized exchanges leverage AMMs that offer liquidity pools. Anyone can contribute assets to the pool and the AMM uses algorithms to price the assets in the pool, balance the pool, and trade with DEX users.The proceeds of the Series A round will enable Primitive to build products that make it easier to discover popular AMM liquidity pools, as well as new strategies to participate in, per the release.
The report notes that the frequency of DeFi deals had tapered off in the months leading up to summer. However, DeFi deals have increased for two consecutive months now, which could suggest investor interest is rebounding.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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