DEX Krypton, a remote decentralized exchange (DEX) company, raised $7M in Seed funding.
The round was led by Framework Ventures with participation form Samsung Next, HashKey Capital, Finality Capital Partners, Foresight Ventures, GSR, and MEXC.
The company intends to use the funds to launch its exchange in Q1 of 2023 with investments in the engineering team, research team, and marketing and community development.
Led by CEO Michael Nowotny, Krypton is a decentralized exchange (DEX) that aims to help traders achieve trade execution on crypto trades. Its mechanism features a continuous batch auction for price discovery, which reduces slippage and provides comprehensive protection against Maximal Extractable Value (MEV) and impermanent loss, which has cost traders well over $650 million since 2020. To power its trade matching engine, Krypton leverages the significant computational power of Chainlink’s Decentralized Oracle Network (DON). The “Krypton Compute” mechanism makes it possible to take complicated computations off-chain, lowering costs for traders and providing a novel source of fees for Chainlink node operators. Krypton also seeks to further advance DeFi trading as a partner protocol on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), an open source standard for cross-chain communication to enable faster and more efficient transactions for trading.
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