Decentralized exchange (DEX) Bonfida announced the completion of a US$4.5 million seed round. The news comes shortly before its initial exchange offering (IEO) on crypto exchange FTX on December 17th, 1pm UTC.
The round was led by CMS Holdings with participation from Three Arrows Capital, Spartan Group, GBV, Sino Global Capital, among others.
The round came together in under two weeks, said Bonfida in an announcement blog.
“Bonfida has built a full-featured exchange on top of the Serum protocol, helping it live up to the promise that decentralized exchanges can be as robust and powerful as their centralized counterparts,” said CMS Holdings co-founder and partner Bobby Cho.
Bonfida uses the open-source Serum trading protocol and is powered by the Solana blockchain. Currently over 60% of users that interact with Serum are using Bonfida, which is sitting as the flagship GUI for Serum.
Bonfida has also been the first to introduce TradingView charts that represent actual on-chain data from Serum, market orders, among others.
Bonfida IEO — $FIDA
Bonfida will be committing resources to increase their product offerings. New plans include an options platform and prediction markets.
Bonfida has formed advisory relationships with entities such as Alameda Research on market-making for tokens. Another partner, Sino Global Capital will assist Bonfida on business development issues in China.
FTX’s founder and CEO Sam Bankman Fried, and Jason Choi of Spartan Group, will also be sitting on the advisory board.
As the first project built on Serum to launch initial coin offering, the IEO for Bonfida’s token FIDA is launching on the 17th of December, through FTX and BitMax. The Initial Serum Offering (ISO) will be started on the 22nd of December.