In keeping with its original intent, the cross-chain protocol intends to position the platform as a frontrunner among liquidity providers.
In order to broaden its business offers and increase the accessibility of cross-border trading for customers worldwide using AI solutions, Chainge, a cross-chain liquidity protocol, has acquired $13 million in capital from two crypto-focused investment firms.
The decentralized finance (DeFi) system announced on Monday that it has raised $13 million in financing, with $10 million coming from GEM Digital and $3 million from Alpha Token Capital (ATC).
Chainge first proposed to its community members on April 1, 2024, the notion of soliciting the funds from anonymous investment firms. With a total value locked (TVL) of about $100 million, the platform went to its decentralized autonomous organization (DAO) to get consent from token holders in order to raise the funds.
The idea involved releasing 50,000,000 XCHNG, the native token, to the market. When distributed, the amount will be equal to about 10% of the tokens in circulation at now.
The community seems to have approved the transaction, even if the network didn’t publicize it. Thus, the news that it has raised capital from a pair of investment firms.
The network will be able to continue growing and developing with the help of the additional funding. The platform intends to hire advertising agencies to boost Chainge’s profile and bring in additional users with the help of the available finances.
Part of the funds will also go into hiring the best and brightest to help bring together AI and state-of-the-art tech.
In keeping with its original intent, the cross-chain protocol intends to position the platform as a frontrunner among liquidity providers. In addition to supporting such collaborations and rewarding token holders, the cash will cover other expenses.
Launched in 2021, Chainge seeks to capture growing possibilities in the booming crypto economy by redefining norms in cross-chain trade.
The platform provides users with the necessary capabilities to access numerous cryptocurrencies across any blockchain. Its board members include Najam Kidwai, Mike Lempress, and Dejun Qian.
In a short amount of time, Chainge has grown into the most liquid cross-chain cryptocurrency trading platform. An “advanced DEX aggregator ever produced” is the platform’s claimed claim to fame.
This time last year, the platform teamed up with Kaspa, the first blockDAG to concentrate on creating a decentralized, scalable payment network.
