Mangrove raises $7.4 million Series A to enable market makers to operate without locked capital
Mangrove raised a $7.4 million Series A round to build out its order book-based decentralized exchange with its "offer-is-code” approach to liquidity provisioning.Cumberland and Greenfield Capital co-led the raise. CMT and Gumi Crypto Capital (gCC) also participated in the fundraising effort.
The startup secured $2.7 million in a seed fundraising round in 2021, which was backed by crypto trading titans including Wintermute Ventures and QCP. Offer-is-code means that liquidity providers are able to post smart contracts as offers, which helps remove the opportunity cost of trading on a decentralized exchange by enabling liquidity providers to only source liquidity when an offer is matched. Traders see benefits because of the lower cost of capital that liquidity providers see on the exchange.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
