Decentralized Exchange DigiFT Yields $10.5 Million in Series A Funding Round
The Singaporean decentralized exchange DigiFT has announced the completion of a successful funding round that generated $10.5M. The March 3 official announcement revealed that the funding round was led by Shanda Group in collaboration with high-profile crypto firms.
The DigiFT team confirmed investing the funds to expand its decentralized finance sector. The company plans to deploy an Automatic Market Making (AMM) technology on the blockchain network to fast-track financial transactions.
Significance of the Funding Round
In the March 3 funding round, garnering $10.5 million, DigiFT aims to curb the gap between the traditional finance unit by adopting Web3 technologies. The attempt to address the challenges in the financial world necessitated fast-growing crypto and fintech firms to participate in funding rounds actively.
Among the participants included HashKey Capital, Hash Global, Xin Group, and Beta Capital. According to the report DigiFT team plans to provide decentralized financial services that conform with the Monetary Authority of Singapore (MAS).
The team plans to invest in restructuring the Ethereum blockchain network by integrating AMM technologies. The proposed integration will enable the investor to use a digital security token backed by bonds and other equities.
Furthermore, the DigiFT team plans to improve the issuance of security tokens to meet market demands. With the new integration, the team plans to reduce the transaction cost and streamline the trading process involved when transacting with the security token. The AMM technology will enable the trader to use liquidity in conducting transactions. The proposed development will enable the asset holder to fully control their digital wallets.
Beyond this, the team plans to expand to Asia, the Middle East, and other parts of the European market. The funds acquired through the funding round will be utilized to secure licenses necessary to operate in the new markets. Also, the decentralized exchange firm plans to reorganize its IT department by acquiring new infrastructures and improving the existing systems.
DigiFT Reveals Next Plans
Elsewhere, the chief executive of DigiFT, Henry Zang, issued a report that acknowledged the robust participation of crypto firms toward the success of the funding round. Zang argued that the attempt to transform centralized finance had encountered endless challenges prompting the firm to seek adequate funds.
He argued that the funds secured from the pre-series A round motivated the firm to make moves in providing innovative solutions to traditional finance systems. Zang plans to partner with the Singaporean government to improve the financial sector.
He acknowledged that the Singaporean authorities had supported the development of tokenization and blockchain technology in the quest to become a burgeoning global financial center.
A follow-up report from Shanda Group chief executive Tianqiao Chen revealed that DigiFT plans to be a leading market player in the decentralized finance (DeFi) industry. In his March 3 report, Chen challenges the DigiFT team to develop a better understanding of the dynamism of the DeFi sector before deploying the resource.
Chen tasked the digital asset management firm to develop strategies to leverage their vast experiences in the centralized finance sector to explore the Web3 space.
In the meantime, DigiFT plans to recruit new talents experienced in Web3 technologies and centralized finance. The team plans to utilize the funds to increase the workforce to boost productivity and support realizing the company’s long-term goals. The DigiFT human resource department intends to advertise job openings on the company website officially.
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