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A new decentralized exchange, which is named after the planet where a certain "Man of Steel" was born, said today that Framework Ventures, a venture capital firm, will be leading a seed round of $7 million in funding.
HashKey Capital, Finality Capital Partners, Foresight Ventures, GSR, and MEXC are further investors who contributed to the seven-figure raise. Samsung Next is another.
A peer-to-peer cryptocurrency trading platform is known as a decentralized exchange, or DEX. A decentralized exchange facilitates trade between individuals using smart contracts, but it never seizes control of their money.
Framework Ventures has concentrated mainly on DeFi investments since 2020. The San Francisco-based company oversaw a $24 million funding round earlier this month for the Immunefi DeFi bounty platform.
Framework Ventures co-founder Michael Anderson stated in an email statement that "we see Krypton as a platform for an altogether new style of crypto trading that might reach new institutional and retail user groups." Best execution must be prioritized for DeFi to mature, according to Anderson, and Framework thinks Krypton's solution will be crucial.
Despite Framework's positive outlook for DeFi, the company's co-founder is leery of prospective government regulation. Anderson spoke with Decrypt at Mainnet 2022 in New York City about the company's investment plan during the weak market and the strong regulatory actions.
For Web3 and cryptocurrency, the regulatory landscape is the toughest he's ever seen, according to Anderson. But Anderson believes that this is also fueling the need for DeFi and cryptocurrency in general to become more permissioned—more KYC [know your customer] is required.
Because institutions can't interact in permissionless operations—they need to know who their counterparties are—the lack of financial institutions investing in the field, according to Anderson, is what's holding back the business.
Decentralized exchanges are a popular choice for privacy-conscious people and a target for regulators trying to stop money laundering because they often do not require users to input personal information in order to utilize the platform for know your customer (KYC) purposes. Without these safeguards, institutions may be hesitant to enter the market.
Krypton asserts to employ a revolutionary method to the traditional order book concept, using a continuous batch auction for price discovery, to differentiate itself from other decentralized exchanges.
The $7 million will go into developing the Krypton engineering team, community, and research, as well as launching the Krypton exchange in Q1 2023.
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