French-based decentralized exchange aggregator, Parawap, has recently raised a total of $2.7 million in its seed funding round.
A report released by DeFi Pulse stated that after this seed funding round, the total value of DeFi has reached near $10 billion. It could be said that currently, DeFi is becoming popular in the crypto industry.
ParaSwap To Help DApps Developers
As per the report, the developers of decentralized applications use ParaSwap in order to offer token swaps to their users. Also, the fund, which recently has been raised by the company, would be used by the developers to improve the DeFi space’s infrastructure.
The founder of ParaSwap, Mounir Benchemled, has recently said, “DeFi is just starting out. It reminds me of Crypto in mid/early 2013. I think we’ll see huge growth within the next 12 months.”
The report further states that more than 30 investors had participated in this seed funding round. Some of the big companies like CoinGecko, Blockchain Capital, etc have been the part of this round. Even the founder of Defi Protocol Aave, Stani Kulechoc also participated in the seeding round.
ParaSwap On Right Track
Benchelmed has further mentioned that after this round they get to know which of the DeFi space infrastructure needs to be upgraded.
He asserted that the seed funding round indicated that for swaps, DeFi market requires a more simple user interface. There should be a project which could help the DeFi market in developing substantial standards for the industry.
The $2.7 million funds raised by the company made the founder believe that presently, Parawap is on the right track.
Benchelmed, while talking about his investors and team members, said that he feels fortunate to be working with these amazing group of people.
According to Benchelmed, ParaSwap was able to attract a diverse group of investors because the DeFi project uses minimal resources while delivering any result. And also, the company has proved itself as a ‘one-man army’.