MH Ventures, a boutique full service venture capital firm in the blockchain, cryptocurrency & web3 space, announced their participation in the $3m seed round funding for Magpie Protocol.
Magpie Protocol, a platform offering fast and easy cross-chain token swaps, has caught the attention of MH Ventures for its unique approach to DeFi.
The protocol only uses bridges to communicate swap signals between chains, creating a seamless user experience.
This seed round funding will allow Magpie Protocol to continue developing its platform and bring it to the next level.
The Magpie Protocol is a decentralized, cross-chain swap aggregation protocol, allowing users to easily access the best prices for any asset without bridging.
Here’s what MH Ventures has to say about Magpie Protocol:
Kamran, Co-Founder & Partner at MH Ventures, said, "The Magpie Protocol is a decentralised liquidity aggregation protocol for cross-chain swaps that aims to deliver the best price on any asset across top blockchains without requiring assets to be bridged individually. Instead, bridges are used largely as a data transmission layer to send swap signals across chains in our unique design. As a result, cross-chain swaps are highly quick and secure."
With Magpie Protocol, users can seamlessly swap tokens across different blockchain networks without the need for bridging. This allows for a more efficient and user-friendly experience within the decentralized finance (DeFi) space.
It is a truly unique and streamlined protocol that uses bridges to communicate swap signals between chains.
Dr. Ali Raheman, Founder & CEO of Magpie, stated, "Within DeFi, specifically over the last couple years, we've seen monumental growth in usage, investment, and an ever clearer picture that the future of it will be multi-chain. Yet, the space still is in need of a non-custodial, secure, user-friendly platform in a space in which onboarding remains the hardest of hurdles to overcome, keeping so many at bay. It is for these reasons and more that Magpie decided to develop a liquidity aggregation protocol that could facilitate both on and cross-chain swaps in an incredibly user-friendly user experience while keeping to all the tenants of DeFi. We're pleased to have MH ventures backing us on this journey."
MH Venture has teamed up with some of the most well-known names in the crypto and blockchain industries, including Lend, magpie, Web3PORT, Sonic Wallet, SmartToken Labs, Decaf, Tatsumeeko, WINCAST, etc. They are passionate about investing in and supporting disruptive technologies and the people behind them. Their mission is to identify and invest in the best projects that have the potential to change the world for the better.
Magpie Protocol is a dApp for helping traders & developers of all levels navigate the DeFi landscape. Magpie aggregates liquidity from DEXs and bridges so that users can cross-chain swap, quickly, easily, securely, and in one interface. Utilizing our unique order routing protocol, we offer the best prices for assets across the top blockchains, where users don't need to visit a bridge, as we'll fly right over it, all while remaining non-custodial.
Magpie is a state-of-the-art protocol that offers fast, easy, & secure cross and on-chain token swaps. The user experience and capability of Magpie Protocol makes it a valuable addition to the DeFi space.
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