Decentralized exchange Krypton raises $7 million to lower costs for traders

Decentralized exchange Krypton raises $7 million to lower costs for traders

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Decentralized exchange Krypton raises $7 million to lower costs for traders

The Block2 months ago
ForesightForesight
Published on September 27, 2022 16:27 GMT+00:00edited on September 28, 2022 09:31 GMT+00:00

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Decentralized exchange Krypton has raised $7 million in a seed round led by Framework Ventures. 

Other investors include Samsung Next, GSR and Foresight Ventures, Krypton said in a release. 

Krypton won Chainlink’s fall 2021 hackathon with the goal of being the first exchange that fully protects market participants from predatory trading and cost inefficiency.  

The funds from the seed raise will be used to launch the decentralized exchange in the first quarter of 2023. 

A decentralized exchange enables parties to transact directly — without financial intermediaries — using blockchain technology.

The Krypton exchange leverages a continuous batch auction for price discovery, which aims to reduce slippage and protect against Maximal Extractable Value (MEV) and impermanent loss, which is …