For Innovative Cross-Chain Infrastructure
The round saw several top exchanges and protocols join forces to back Swim ProtocolSwim Protocol enables native-to-native cross-chain swaps across multiple chains.The $4M will be used to hire specialists and support Swim’s go-to-market strategy.
MIAMI, March 09, 2022 (GLOBE NEWSWIRE) — Swim Protocol, a multi-chain AMM bridge pool that enables native-to-native cross-chain swaps, recently raised $4 million in seed funding with the aim to further establish itself as the top cross-chain platform in the space.
As the world of decentralized finance, or DeFi, becomes more fragmented across multiple blockchains, Swim Protocol establishes a new kind of cross-chain infrastructure designed for an increasingly multi-chain world. Swim Protocol plans to eliminate the need for wrapped assets by allowing users to swap from native assets on different chains in Swim’s network, such as Ethereum, BNB Chain, and Solana, to other native assets on any other supported chain.
The round was led by Pantera Capital with participation from FTX, Alameda Research, Coinbase Ventures, Solana Ventures, Jump Capital, Social Capital, IOSG Ventures, Rok Capital, GBV Capital, Mantis VC, Panony, and Bonfida. Other angel investors include Brandon Millman from Phantom Wallet, Dean Thomas from Polygon, and Phillip Liu from Avalanche. With the completion of the investment, Swim Protocol is excited to begin its new chapter with these industry heavyweights and leaders of innovation.
“Led by a strong team from Alameda, FTX, Cosmos, Coinbase Ventures, and Google, Swim is positioning themselves to truly change the bridging landscape by enabling cross-chain swaps in native asset form. It’s a crucial time for this technology as the DeFi space continues to go multi-chain, and Swim’s technology is here to help meet that demand for users in the space,” said Paul Veradittakit, Partner at Pantera Capital.
The funds from this round will help Swim Protocol execute its long-term vision. The funds raised will accelerate the company’s go-to-market strategy in areas such as marketing, community management, and branding. Swim will also look to hire software engineers and developers to continue building on the protocol’s long-term product milestones.
In the near future, Swim Protocol plans to launch pools for native stablecoins on Ethereum, BNB Chain, and Solana, continue integrating with other protocols, and allow users to swap any native asset from any chains within Swim’s network. Over the next few months, the team is also planning to add support for additional networks, such as Polygon, Terra, and Avalanche.
“Our vision at Swim is to create a quick and seamless experience for users to swap native assets from one chain to another. To continue growing Swim’s network within the multi-chain ecosystem, we’re constantly looking to integrate with other protocols in the DeFi space,” said Teddy Pornprinya, Head of Business Development at Swim Protocol.
The team’s ambitious roadmap features several new and exciting developments. On March 9th, Swim will have its Alpha Launch, enabling users to interact with the product’s initial features. Shortly after, Swim will launch additional pools, add cross-chain bridging support for more assets, and release the $SWIM governance token.
Follow Swim Protocol on social media for more information on future integrations, product developments, and other announcements.
Swim is a multi-chain AMM for native assets, designed to make bridging as easy as possible. Swim protocol eliminates the need for wrapped assets by allowing users to swap from a native asset on one chain to a native asset on any other supported chain. Swim’s solution reduces the barriers faced by users when performing cross-chain transactions, enabling true interoperability between various blockchain networks.