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Finance

DEX Aggregator ParaSwap Raises $2.7M Seed Round From Deep Roster of Crypto Investors

ParaSwap has raised $2.7 million in seed funding from 32 investors including Blockchain Capital, Alameda Research, CoinGecko and more.

By Jaspreet Kalra
AccessTimeIconSep 17, 2020 at 11:00 a.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
Paraglider takes flight (Juliette G./Unsplash)
Paraglider takes flight (Juliette G./Unsplash)

ParaSwap, a decentralized exchange (DEX) aggregator, has completed a $2.7 million seed funding round joined by some of the industry's top investors.

  • France-based ParaSwap hopes its API will become the connective tissue between various decentralized finance (DeFi) applications, founder Mounir Benchemled told CoinDesk via email.
  • “The API does not only allow access to DEXs but also to other DeFi services such as Aave and Compound,” Benchemled said.
  • According to a press release Thursday, ParaSwap raised the seed funding from a total of 32 investors including Blockchain Capital, Alameda Research, Arrington XRP Capital, Coinfund, CoinGecko, Aave founder Stani Kulechov and others.
  • While ParaSwap was started as a DEX aggregator, Benchemled said the firm shifted focus in late 2019 to fine-tuning its API and making the platform an easy-to-use entry point for DeFi applications, traders and wallets.
  • “Our next steps are growing the team and scaling ParaSwap’s infrastructure so that we can support our next business challenges,” he said in the release.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.