ArthSwap announces successful completion of fundraising from Hypersphere Ventures&non-fungible returns
ArthSwap announced today that it has raised $450k totally in a seed round of funding from Hypersphere Ventures and non-fungible returns, supported by Next Web Capital.
ArthSwap is a one-stop defi built on top of Astar Network — the leading para-chain and layer1 solution on Polkadot.
There’s been a lot of buzzes even before the release of the platform.
The community surpassed 100,000 members within a week of the SNS(Twitter, Discord and Telegram) release. Within a week of the platform’s release, the platform’s TVL reached nearly 15 million without liquidity incentives.
This seed round of funding was supported by Next web Capital, a leading fund in Astar ecosystem, and some strong investors in Polkadot ecosystem including Hypersphere Ventures&non-fungible returns.
“Arthswap is a Astar-native, super-agile and fast growing team. It is such an opportunity for us to support multi-chain defi project on Astar like Arthswap. Arthswap would become to fundamental infrastructure in Web3 world, growing with Astar Network.” Sota Watanabe, Next Web Capital Founder.
“We were impressed by the ArthSwap team and their long-term vision for the protocol. We believe ArthSwap has the potential to become the DeFi hub of Astar Network and we are excited about the various ways in which they plan to innovate. “ Gianni Renzi, Hypersphere Ventures investor.
The funds raised will be used to deepen the commitment to the Astar Network and Astar community, as well as accelerate the development of new features such as staking.
We as ArthSwap will continue to contribute to the expansion of the Astar ecosystem and empowerment of the community. The end goal is to attract hundreds of millions in TVL and help increase Astar’s popularity as the DeFi blockchain in the Polkadot ecosystem.
“We are now living in a multichain world and view Arthswap as critical infrastructure (DEX and Lending) which will allow DeFi to flourish on Astar Network. Arthswap has an early lead on Astar Network and we believe will position itself as the one stop shop for DeFi on Astar.” Justin Lee / Tiger Kim, nfr GP
About Next Web Capital
Next Web Capital is a global blockchain and Web3 accelerator enables founders across the ecosystem. With founding team of Astar Network and Japan’s most renowned blockchain incubator Fracton Ventures, we offer unique full-range support to startups through fundraising, forming token economics, technology guidance, marketing and community management.
About Hypersphere Ventures
Hypersphere is an investment group leveraging on-chain treasuries, decentralized organizations, and governance to increase the utility of the blockchain networks in which we invest. We are not traditional venture capitalists. We dive deep into protocols and currencies, and participate heavily in community building and ecosystem growth. Hypersphere is an integral part of core development teams, and we aim to be a trusted partner to the projects building Web 3.0.
About non-fungible returns
nfr (non-fungible returns) is a crypto native fund based in Seoul and NYC. The founders are from Coinbase M&A/Ventures and Kyber and have been participating in DeFi since Day 0 (🍣, 🍠, etc.)
We focus on crypto native/degen deal flow and early-stage Asian deals. We advise crypto projects to help them build the right global narrative, network, and strategy. We also help with tokenomics and give product feedback from a crypto native perspective.
What is ArthSwap?
ArthSwap is a one-stop Defi protocol aiming to become a leading DEX on Astar Network.
Its main functions are going to be swapping, staking, liquidity mining, and we will have more functions on the way!
We focus on growth in the Astar Network ecosystem and are willing to optimize all the elements for Astar, so we consider ourselves as an “Astar-native” dApp. ArthSwap to Astar is what Trader Joe is to Avalanche, what Quickswap is to Polygon, and what Uniswap is to Ethereum!
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