Cryptocurrency Exchange IDEX Raises $2.5M USD In Seed Fundingbr>
Crypto exchange IDEX has raised $2.5 million in a seed investment round led by G1 Ventures and Borderless Capital, with participation from Collider Ventures and Gnosis.
IDEX will use the funds to launch IDEX 2.0, a novel high-performance DEX. IDEX 2.0 will reportedly combine the speed and features of a centralized exchange (CEX) with the security of a decentralized exchange (DEX) to create an uncompromising trading experience.
“Traders on the IDEX 2.0 platform will benefit from low-latency trade execution, standardized APIs, advanced order types, and a matching engine capable of processing hundreds of thousands of orders per second, a combination of performance and features previously not possible on decentralized exchanges,” IDEX said. “The API sandbox is now live on testnet, marking the start of a three-phase rollout, with the mainnet launch planned for a few weeks from now. Market makers, algorithmic traders, and anyone else writing software to interact with the exchange can get started today, a process that takes hours, not weeks.”
Eldar Khamitov, Investment Director at G1 Ventures, said that they are proud to support IDEX in its pursuit of a new generation of high-performance DEXs, complementing their portfolio of digital asset infrastructure investments which, among other verticals, is focused on non-custodial FinTech solution.
“The IDEX team is the first to marry the benefits of decentralized custody with traditional exchange architecture to create a world-class platform in both performance and security,” Khamitov said.
IDEX co-founder and CEO Alex Wearn said that they are thrilled to have the support of industry expert investors to help fuel IDEX 2.0’s growth.
“Our investors share our understanding that market makers and algorithmic traders are key to our success,” Wearn said. “Attracting this group requires us to deliver an entirely new product that offers centralized exchange features and performance paired with decentralized security. We’re extremely excited to deliver that with IDEX 2.0, the first DEX that doesn’t sacrifice performance for security.”