July 25, 2024
Kuru, an on-chain orderbook exchange built on the Monad blockchain, has recently come out of stealth mode and announced the completion of a $2 million seed funding round. The round was spearheaded by Electric Capital.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Kuru | $2M | July 25, 2024 | Seed Round | Electric Capital | Trading |
Other participants in the round included Brevan Howard Digital, CMS Holdings, Pivot Global, Breed, and Velocity Capital. Several angel investors such as Keone Hon, Jarry Xiao, and Eugene Chen also contributed to the round.
Kuru positions itself as the first fully on-chain order book decentralized exchange (DEX) on Monad. It offers users a unified platform to discover, research, and trade spot assets on-chain. Monad, an Ethereum-compatible Layer 1 solution, is currently in the devnet phase and achieved 10,000 transactions per second (TPS) during internal testing in March.
Kuru intends to use the fresh capital to grow its team and prepare for audits ahead of a launch on the Monad testnet.
About Kuru
Kuru is a liquid staking protocol that operates on the Monad blockchain. It recently came out of stealth mode and announced the successful completion of a $2 million seed funding round led by Electric Capital. The platform claims to be the first fully on-chain order book decentralized exchange (DEX) on Monad, providing users with a single platform for discovering, researching, and trading spot assets on-chain. The Ethereum-compatible Layer 1 solution, Monad, is currently in the devnet phase and achieved 10,000 transactions per second during internal testing in March. Kuru aims to bridge the gap between on-chain spot traders and derivative traders, making it easier for everyone to discover and trade their preferred assets. Kuru has been designed for market makers, allowing them to place or cancel limit orders at a low, constant gas cost, leading to tighter spreads and more liquidity on their books.
Website: https://kuru.io/
About Investor
Investor: Electric Capital
Electric Capital is a venture capital firm that focuses on accelerating disruptive innovations in the crypto and Web3 sectors. The team at Electric Capital has collectively started eight companies, shipped products for billions of users, run billion-dollar business units, invested in over 100 technology startups with a cumulative market cap of over $50B, and traded billions in derivatives.
The firm invests in both liquid and illiquid tokens that are emerging stores of value and rooted in novel technology. They have a deep understanding of community governance, token economics, cryptography, and distributed systems. Electric Capital invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces.
Location: Upper Marlboro, MD
Website: https://www.electriccapital.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments