AscendEX Raises $50 Million in Series B Funding
The just concluded $50 million Series B fundraiser by AscendEX will undoubtedly be putting the company in pole position to bridge the gap between centralized finance CeFi and the emerging world of decentralized finance DeFi. Moreover, seeing as the Series B was led by Polychain Capital and Hack VC, among several others, such highly prominent names will definitely not be bringing only funds to the partnership, but also intellectual power.
In other words, while the funding will be used to fast-track entry into the international market and more product innovation, the round also birthed a strategic alliance of some sort with the biggest investors on the blockchain.
According to data from PitchDeck venture capital firms have earmarked a massive $17 billion to crypto and blockchain-focused startups in 2021 alone. Interestingly, Polychain Capital, Jump Capital, and Alameda Research were behind some of the biggest raises.
Going Beyond The Business of Exchange
Surely, AscendEX has created a strong reputation for itself in the crypto exchange business, seeing its daily trade volumes average over $200 million.
However, the company might not be limited to performing the business functions of a typical centralized exchange alone.
The company is set to embrace non-exchange value propositions as well. With the AscendEX Earn offering, users will be able to stake, lend, yield farm, and even perform liquidity pooling across more than 70 assets.
Now, the platform will be offering value in two dimensions. The first is for the end-user, who has now been given more avenues to earn crypto across numerous assets, and the second would be for projects wishing to leverage AscendEX’s vast customerbase to gain exposure.