Human centered DEX project Orca closes series A investment round with $18 million. Solana based DEX raised the funding from Coinbase Ventures, Polychain, Placeholder and Three Arrows Capital. Other prominent investors also took part in the Orca fundraising event. Experts said that high profile investors are extremely interested in SOL-based startups.
Orca, the decentralised exchange, will use the funds to develop the automated market maker (AMM) operations. Yutaro Mori and Grace Kwan launched Orca. After eight months of launch, the project concluded the funding. Other investing firms that participated in the funding round were Jump Capital, DeFiance Capital, Sino Global Capital, Zee Prime and Solana Capital.
Orca is aiming to establish itself as a simple automated market maker solutions provider, unlike its competitors. As a result, it will deliver a simplified DEX experience to its users. Solana based DEX project is focusing on allocating the funds to develop a more user-friendly DEX. Orca is the first protocol that was launched on the Solana blockchain. The current valuation of the company is about $39 billion.
Orca said that it wants to be the “go-to swap for the Solana ecosystem”. The company is working to create the next-generation AMM. After launching in February 2021, the company became the top DeFi project in Solana. Since February, Orca experienced a trading volume of more than $750 million.
The team of Solana DEX is working to improve the existing open-source TypeScript software development kit (SDK). $5.5 billion of daily volume has reached on Tuesday. The U.S. securities regulator tighten the investigation on the company’s marketing and investor services.
The reason behind the attention of the regulators is the rapid growth of the industry. Reports stated that the United States Securities and Exchange Commission is investigating Uniswap also.