Crypto Trading Firm Radar Relay Raises $10M USD In Series A Fundingbr>
Decentralized token exchange Radar Relay has raised $10 million in its Series A funding round led by Blockchain Capital. The round also saw participation from Digital Currency Group, Distributed Global, Elefund, and Tusk Ventures.
Radar Relay is a decentralized order relayer built on the Øx, an open protocol that facilitates low-friction, peer-to-peer exchange of ERC20 tokens on the ethereum blockchain. Radar Relay maintains an off-chain order-book that matches users seeking tokens. Users directly connect their wallets to the Radar Relay platform, with no accounts, sign-ups, deposits, or withdrawal limits. Since launching in October 2017, the platform has onboarded 170 tokens, traded more than $150 million in volume, and grown its team to almost 30 employees.
The funding will be used to support the development of new product research, strategic hiring, and global expansion of the Radar Relay platform.
“The support from these leading venture capital and investment firms — many of whom also participated in our seed funding round last year — validates our progress towards onboarding the world to the token economy,” said Radar Relay CEO Alan Curtis. “Executing on our mission may take time, but with their support and industry knowledge, we can build an enduring, multigenerational company.”
The platform is currently supporting users from 150 countries. Of those countries, less than a third of our users are from the United States. Curtis said part of the new funding will be used to establish a community ambassador program in other countries.
“The Radar Relay team has consistently demonstrated a superior ability to execute, ship, and deliver product that exceeds expectations and pushes the industry to higher standards,” said Blockchain Capital Partner Spencer Bogart. “While Radar’s delivery to date has been exceptional, the most compelling aspect is Radar’s upcoming product roadmap and the opportunity ahead. Ultimately, this is a proven team executing against a high-conviction opportunity and I am thrilled to lead the Series A and join the Board.”