Decentralized exchange IDEX raises $2.5 million in seed funding
Decentralized crypto exchange IDEX has raised $2.5 million in seed funding ahead of IDEX 2.0 launch.
The round was led by G1 Ventures and Borderless Capital, with participation from Collider Ventures and Ethereum prediction market project Gnosis.
According to The Block, the fresh capital would be used for continued product development, marketing, and user acquisition.
IDEX is in the process of launching an improved version of its existing exchange called IDEX 2.0. The new exchange would combine the performance of a centralized exchange with the security of a DEX.
Liquidity has been the key challenge of DEXs as compared to centralized exchanges. IDEX 2.0, market makers can get started with the exchange in “hours, not weeks” due to its design and standardized APIs.
IDEX 2.0 has been under development since January 2019 and is scheduled to launch sometime next month. IDEX currently has over 100,000 verified accounts. IDEX 2.0 would allow users and market makers to have the same functionality and user experience of centralized exchanges.