Investment company Paradigm has become the lead investor in a Series A funding round, in which the startup Kuru Labs raised $11.5 million. The project is focused on developing a new decentralized exchange that combines automated market maker (AMM) approaches with a central limit order book (CLOB).
This is reported by Business • Media
Features of Kuru Labs Exchange and Technological Foundation
The new trading platform will operate on the Monad blockchain, which is compatible with Ethereum. The main innovation of the exchange will be an automatic market maker in each order book. This will ensure constant liquidity on the platform without the need to engage external market makers. The market maker strategy is based on the AMM model, allowing users to execute trades efficiently on the platform.
Team Feedback and Future Development Plans
In addition to Paradigm, private investors also participated in the round. According to Kuru Labs co-founder Vaibhav Prakash, it is important for the company to have a strategic partner like Paradigm:
“Their team has a deep understanding of market dynamics and microstructure. Investments in Ellipsis Labs, Sorella Labs, and Uniswap indicate that the people at Paradigm truly understand how on-chain markets operate.”
The Kuru Labs team notes that the funds raised will enable them to expand their team and realize their vision of a fully on-chain order book on Monad.
Previously, in a seed round, Kuru Labs raised nearly $2.2 million to develop its platform.