Catalog Announces Funding for First Cross-Chain DEX to Connect the DeFi Ecosystem

Announcements, Blockchain, Investing, News | February 24, 2022 By:

Decentralized Finance (DeFi) app Catalog has raised $7.5 million in a seed funding round led by Amber Group. The round also saw participation from Multicoin Capital, Alameda Research, BlockTower Capital, Cumberland, GBV Capital, Chiron Partners, Fisher8 Capital, LedgerPrime, Bixin, ROK Capital, and PetRock Capital.

Catalog is built on Ren, a secure cross-chain protocol that has already been used to swap nearly $10 billion in assets, and will be the first consumer app built on the Ren blockchain. By connecting assets and existing liquidity securely across blockchains in a single, user-friendly app, Catalog provides trustless and permissionless interoperability never before possible and will dramatically accelerate the growth of DeFi.

Planned features of Catalog include seamless on and off-ramp experiences, including the ability to link a bank account for easy deposits and withdrawals, Catalog makes the benefits of DeFi accessible to everyone. With the addition of bank account linking, Catalog users will not need to hold any existing crypto to join the platform. The intuitive user experience also makes it easy to send another user tokens just by typing their username, rather than a complicated and hard to remember wallet address.

“We know that the future of DeFi will be cross-chain and multi-chain but there’s currently no simple, decentralized way to make transactions and conduct business across different blockchains. Catalog solves this by connecting any user instantly to the entire DeFi ecosystem through one, incredibly easy-to-use app,” said Susruth Nadimpalli, Co-Founder of Ren Labs. “This is the first of many applications that will be built on the Ren blockchain to power this borderless vision and we’re incredibly excited for the future.”

“Widespread adoption of decentralized finance is hindered by the frictions in bridging across multiple chains and managing different wallets. Catalog paves the way for truly seamless experience by connecting all blockchains together and abstracting the underlying layer from users. We are excited to partner with the Ren Labs team to build out Catalog and enable an accessible, interoperable, and multi-chain future” said Jian Wang, Head of Principal Investment at Amber Group.