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- OpenOcean has closed a $2 million strategic investment round led by Binance.
- Funds will go toward building the aggregation ecosystem and marketing efforts.
Cryptocurrency aggregator OpenOcean has closed a $2M strategic funding round. The funding round was led by Binance with participation from strategic investors Multicoin Capital, LD Capital, CMS, Kenetic, and Altonomy. According to a press release available to CNF, the funds will be put toward building the aggregation ecosystem and marketing efforts to grow the user base.
OpenOcean is developing a protocol that compares the best prices on decentralized and centralized exchanges before allowing users to execute their orders at the best possible price. To offer the best possible price with low slippage, the OpenOcean team is using an optimized version of Dijkstra’s algorithm, called D-star.
With the new funding, OpenOcean will invest further development work in derivatives, combined margin products, yield products, lending, insurance, and smart asset management services across its Indian Ocean, Atlantic Ocean, Pacific Ocean, and OpenOcean versions.
Currently, OpenOcean supports trading on Ethereum, Binance Smart Chain, TRON, and Ontology. More options will soon be added with Solana, Polkadot, and Ethereum-based Layer 2 solutions.
Multicoin Capital Partner Mable Jiang explained about OpenOcean’s capabilities:
Up till today there is no existing product on the market that offers price comparison of the same trading pair on centralized exchanges and decentralized exchange in one place, and we see this as a unique and large opportunity that OpenOcean captures and differentiates.
We very much look forward to growing with OpenOcean, the multichain and multi-centralized-exchange prime broker, and would love to explore together on its potential becoming a cross-chain trading venue aggregator.
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