Polychain Leads $21M Round for Retail-Oriented DEX
Clipper, a new decentralized exchange (DEX) that caters to retail traders, closed a $21 million funding round on Tuesday.
Olaf Carlson-Wee is an American entrepreneur and investor. He is also the founder and CEO of cryptocurrency investment firm Polychain Capital, led the $4 million equity round, and participated in the $17 million liquidity round. Other investors included 0x Labs, DeFi Alliance, and MetaCartel DAO.
Clipper uses a novel automated market maker (AMM) that promises to offer guaranteed best prices for retail-sized trades, which are typically under $10,000.
According to Mark Lurie, the CEO of Shipyard Software (the company behind Clipper), most of the other low-fee and no-fee crypto exchanges have hidden costs baked into trades or other “catches” like the time limit on free trading at Crypto.com or KuCoin, and the need for a native token from decentralized exchange Digix.
Clipper’s relatively small $20 million liquidity pool means that it can’t effectively serve whales (those with large crypto holdings) or institutional traders, but that is what allows the DEX to keep fees low.
▶️ HEADLINES
