First Regulated* DeFi Project KingSwap Raises $20 Million in Funding and Liquidity Support, Announces Public Launch on Uniswap
KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles
SINGAPORE — October 30, 2020 at 7 am EST — KingSwap (https://www.kingswap.io/), the regulated* DeFi project introducing a liquidity pool platform with fiat conversions, today announced it has raised over $20 million in funding and liquidity support. KingSwap will go live on Uniswap on Saturday, October 31, 2020.
Venture Capital firms and cryptocurrency investors participated in KingSwap’s private fundraising round, helping the project quickly exceed its 1000 ETH soft cap to raise over $20 million USD in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital, and 7CC. KingSwap also sold out 4 mints of its exclusive ‘Knight Token’ NFTs, which provide owners access to upcoming $KING airdrops.
KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles. Its highly anticipated DeFi DEX boasts unique features including fiat conversions, and a legal structure that addresses major shortfalls within the DeFi space. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards. KingSwap’s NFTs give their owners loyalty rewards from $KING tokens issued. The project recently released its limited-edition Halloween-themed NFTs.
KingSwap was founded by a team of experienced leaders in banking, finance, and crypto, including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol; Dunstan Teo, Chief Architect of the Fido Protocol and President of Sanctum Pte Ltd.; and Ho Chin Shin, who previously worked as a director at Standard Chartered Bank; Nomura, Japan’s largest investment bank; and the Bank of Singapore.
“At KingSwap, we’re committed to doing DeFi the right way by putting user experience at the forefront and operating as a fully regulated project,” said Malcolm Tan, KingSwap advisor. “Early support for the project shows we are helping to fill a gap in the current DEX marketplace. We’re eager to introduce KingSwap to many more fans through our Uniswap launch.”
In addition to launching its liquidity pool this week, KingSwap has added three new members to its advisory board: Dr. Christian Rio, Chief Executive Officer at Green Candle X Capital, Venture Capitalist Dr. Giampaolo Parigi, and Professor Alex Nascimento, Faculty and Co-Founder, Blockchain at UCLA. These advisors join globally recognized cryptocurrency pioneers on KingSwap’s advisory board, including Michael Terpin, Lioenl Iruk, Esq., Dr. Robert Choi, and more.
“With scams becoming all too common in the DeFi space, KingSwap is a breath of fresh air. The project has a well-known technical team and audited smart contracts, and I see KingSwap becoming a leading DEX in the near future,” said Michael Terpin, KingSwap advisor.
KingSwap (https://www.kingswap.io/) is a fully regulated* DeFi project based out of Singapore that is introducing a liquidity pool platform with fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles. The project will launch on Uniswap on October 31, 2020.
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* “Regulated”: KingSwap commissioned Gravitas International Associates Pte Ltd, a Singapore Payment Services Act (“PSA”) exempt company, to issue the $KING tokens. A legal opinion regarding the token issuance has been submitted to the MAS in accordance with the PSA requirements. Gravitas has already submitted an application to the MAS for full licensing under the PSA, and the said application is pending review. KingSwap itself has no licensing specific to DeFi projects, as there is no such specific legislation anywhere in the world at this point in time, and is following the regulatory framework of the PSA in Singapore at the time of writing.*