Mangrove DAO raises 1 billion yen in series A with gumi and others participating

A model called “offer is code”

Decentralized exchange “Mangrove DAO” announced on the 28th that it has raised 1 billion yen ($7.4 million) in a series A round.

Big news, folks!@MangroveDAO just closed its Series A funding round, raising $7.4 million from top-tier crypto-native VCs, including @CumberlandSays, @greenfield_cap, @CMT Digital Ltdand @GumiCryptos.(1/9)

—Mangrove DAO (@MangroveDAO) February 28, 2023

The round was led by Cumberland and Greenfield Capital, with participation from Gumi Crypto Capital (gCC) and CMT. The funding follows a $2.7 million seed round announced in July 2021.

Mangrove DAO introduces a novel approach to its own Decentralized Exchange (DEX) called “offer is code”. “Offer Is Code” means that a liquidity provider (LP) can post a smart contract as an offer to trade, and can only supply liquidity if the offer is matched. Unlike traditional liquidity locks, it reduces the opportunity cost of trading.

Mangrove DAO will launch first on Polygon (MATIC), and later on will also support multiple EVM-compatible blockchains.

Gumi Cryptos Capital led a $4.2 million seed round for Ethos Wallet, a Sui blockchain-based wallet, in January of this year.

connection: Led fundraising of 540 million yen for Sui blockchain-based wallet such as gumi

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