Cryptocurrency Solana-based decentralized exchange ‘Orca’ announced on the 22nd that it has raised $18 million from multiple institutional investors and leading venture capitalists in its Series A funding round.
The funding round was led by Singapore’s leading crypto hedge fund Three Arrows Capital, crypto VC Polychain, and Placeholder. Other participants include Coinbase Ventures, Jump Capital, China’s Sino Global Capital, and Solana Capital, Orca announced via a press release on Wednesday.
Founded in February 2021, Orca is a DEX/Automated Market Maker (AMM) on the Solana blockchain launched by Yutaro Mori and Grace “Ori” Kwan. Since its launch, it has become one of the top Solana DeFi projects with more than $230 million in TVL.
When Orca launched ORCA tokens in August, it was airdropped to liquidity providers, traders, teams, and advisors rather than rolling out with a token sale.
Explaining the reasoning behind the move, founder Yutaro Mori tweeted:
“When @oritheorca and I started building @orca_so, it was important to us that Orca could succeed as a legitimate, community-focused project.
The first step was committing to not raising any money until after our token launch, so the community could be first to participate.”
The funding comes from the sale of Orca’s native token ORCA, and the network will use the newly raised funding to expand its developers and marketing staff as well as further enhance the development of the AMM.