Wombat Exchange, a Binance-backed hyper-efficient multichain stableswap, has raised $5.25 million in a Series A fundraising round led by Animoca Brands and Hailstone Ventures. BNB Chain, TPS Capital, GSR, Zokyo, Lunar Station, Eureka Trading, Silverstone, Unanimous Capital, and CryptoWesearch were among the other investors in the round.
Since its seed round investment led by Binance Labs in November 2021, Wombat’s valuation has climbed to $70 million with this current round of funding. Wombat’s product development and expansion will be accelerated thanks to the funds raised in this round.
Yat Siu, Co-Founder & Executive Chairman of Animoca Brands said “Wombat Exchange has put together a solid and experienced team to develop a stableswap that has the potential to significantly advance the growth of DeFi. We’re looking forward to seeing Wombat’s meaningful contribution to the BNB Chain and its adoption in the multichain world.”
Seng Huang Lee, Hailstone Ventures Advisor & Group Executive Chairman of Sun Hung Kai & Co. – “We were impressed by Wombat’s innovation, and we strongly believe in their contribution to the ecosystem. Their algorithm and solution are pioneering and will support the protocols that will shape the future of DeFi for the better.”