Ruby.Exchange Closes $2.8 Million Funding Round

Published on: 28.10.2021

Ruby.Exchange is enormously proud and excited to announce the completion of its Seed and Strategic funding rounds, which raised a total of $2.8 million. Ruby.Exchange  backers include some of the biggest and best-respected names in the space, including NGCFlow VenturesWintermute, the SKALE Ecosystem FundMorningstar VenturesYield VenturesHashKeyCitizenX, and ZBS Capital, as well as a number of significant angels.

Along with its upcoming $1 million public sale, this funding will enable Ruby to develop, market, maintain, and ultimately fully decentralize the first ever NFT-powered AMM. Built on SKALE, a powerful multichain solution for Ethereum, Ruby.Exchange is designed from the ground up to solve a series of critical problems for DeFi, employing a combination of cutting-edge technologies and a new tokenomic model to deliver a fun, accessible, and gamified trading experience.

Automated Market Makers (AMMs) are decentralized applications that allow trustless trading of digital assets, using smart contracts to set the price of tokens deposited by liquidity providers to common pools. As open, composable software, they can be plugged into other dapps and have become vital infrastructure for the DeFi movement. The dominant AMM on each blockchain is a crucial hub for traders, developers, LPs, and yield farmers.

ABOUT Ruby.Exchange
Ruby.Exchange is the first NFT-powered AMM. Built on SKALE with zero gas fees.

RESOURCES
https://blog.ruby.exchange/

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