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AMM Saddle Finance Raises $4.3M from Framework, Polychain and Electric Capital

By Abhimanyu Krishnan | News | 20 Jan 2021

Automated Market Maker (AMM) Saddle Finance has raised $4.3 million in a seed funding round, according to an announcement made on Jan. 19.

  • Framework Ventures, Polychain Capital and Electric Capital led the $4.3 million funding round for Saddle Finance, which is a startup that has come out of a16z’s Thesis project incubator
  • Other investors include Coinbase Ventures, Dragonfly Capital and Alameda Research
  • The AMM aims to reduce slippage costs in the DeFi market, which is the cost incurred from an executed trade and the expected price of the trade
  • Saddle Finance will use Synthetix’s assets, and is focusing on “unlocking deep on-chain liquidity for pegged value crypto assets”
  • The funding round is accompanied by a launch of the AMM on the mainnet; the first liquidity pools are renBTC, WBTC, sBTC and tBTC, with stablecoins and ETH pools to be introduced in the near future
  • Liquidity providers are paid out in KEEP tokens, with 125,000 tokens dedicated as payout every week
  • Saddle Finance has been audited by Certik, Quantstamp, and Open Zeppelin

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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