The Incentive Ecosystem Foundation (IEF) said on Friday it has raised US$100 million for Serum, a decentralized exchange and platform, to help expand its network and position it as a core liquidity infrastructure provider.
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As a decentralized exchange, Serum provides the underlying liquidity infrastructure for applications built on the Solana blockchain. IEF, meanwhile, supports development and applications on Serum.
A decentralized exchange, or DEX, is a peer-to-peer marketplace where transactions occur directly between crypto traders. Financial transactions on these exchanges are not supervised or managed by banks, brokers, or any intermediary. Instead it relies on self-executing smart contracts to facilitate trading and clearing.
Decentralized exchanges are part of the fast-growing decentralized finance sector, which facilitates crypto-denominated financial transactions outside of traditional banks. According to DeFi Pulse, the total value held at DeFi sites surged to US$94 billion on Friday, compared with just US$11 billion in October 2020.
In a statement, Serum's community-led foundation said it has received investments from 18 institutional investors including Commonwealth Asset Management LP, Tagus Capital, Tiger Global, and executives at GoldenTree Asset Management.
All four confirmed their investment in Serum's foundation through communications and messages seen by Reuters.
"We want to grow the decentralized exchange by bringing in new developers to fill applications on top of it, and...bring users to trade on it so volume can increase over time," said a member of the Serum community who goes by the initials JHL in a phone interview with Reuters.
He declined to disclose his full name.
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