Friday, December 4, 2020
Home CryptoNinjas News Framework Ventures leads $3.1M seed round for DEX aggregator Slingshot

Framework Ventures leads $3.1M seed round for DEX aggregator Slingshot

Slingshot, a decentralized exchange (DEX) aggregator formerly known as DEX.AG, today announced the close of its $3.1 million raise to bring the next generation of decentralized finance (DeFi) trading to market. The funding round is led by Framework Ventures, a technology investment firm that focuses on the rapidly growing DeFi space. Also participating in the raise are many of the industry’s top investors, such as Electric Capital, IDEO CoLab, Winklevoss Capital, Digital Currency Group, Robot Ventures, Coinbase Ventures, Nascent, D1 Ventures, Mechanism Capital, and Volt Capital.

Built on decentralized rails with non-custodial wallets and trading interfaces, Slingshot has set out on a mission to empower users by giving them open access to the future of finance. This open framework empowers Slingshot to create, monetize, and aggregate crypto assets that could not otherwise exist with centralized infrastructure. Slingshot combines intuitive interfaces, powerful trading features, and effortless onboarding to give users the confidence they need to conquer the world of DeFi. Slingshot’s proprietary DEX aggregation engine and indexing algorithms mean users can trade the latest digital assets on Ethereum at the best available prices.

“Slingshot’s best-in-class DEX aggregator is built to provide the seamless user experience, low latency, and inexpensive transactions that DeFi users deserve,” said Framework Ventures co-founder, Vance Spencer. “We are excited to be working with Slingshot’s growing team of DeFi engineers and cutting-edge product developers to reinvent the world of finance.”

With funds from the raise, Slingshot will scale its engineering and protocol development teams as part of a larger effort to re-envision the way it interfaces with decentralized exchanges. At this elevated capacity, Slingshot attracts both crypto-native traders and newcomers alike to its all-in-one DeFi platform, with a consumer-facing brand and product, backed by its DEX aggregation API and novel on-chain protocol.

“The open and permissionless nature of DeFi brings a generational platform shift that presents a new paradigm in financial services, unifying diverse global communities and allowing them to participate in emerging economies or create their own without the need to ask for permission,” said CEO, Clinton Bembry. “By providing users complete control over their assets, transactional activity, and data, while also making it fun and approachable, Slingshot will do for DeFi what Robinhood did for traditional finance.”

Alongside participating investors, Slingshot is partnering with luminary angels, including Josh Buckley, CEO of ProductHunt, Kain Warwick, Founder of Synthetix, Stani Kulechov, Founder and CEO of Aave, TM Lee and Bobby Ong, Co-founders of CoinGecko, Patricio Warthalter, Founder of POAP, Richard Burton, Will Price, and Mariano Conti. Backed by this incredible coalition of investors, Slingshot is perfectly positioned as the go-to destination for accessing DeFi markets.


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