Decentralized Exchange Radar Relay Raises $10 Million
On July 30, 2018, Radar Relay, a decentralized exchange that allows users to trade Ethereum tokens, announced the success of their Series A round where they raised $10 million. Fifteen investors participated in the Series A, including Digital Currency Group and Blockchain Capital, among other significant funds.
Radar Relay Uses Funds For “100X Growth”
The main goal of the Series A was to accelerate growth through an infusion of capital, talent acquisition, global expansion, and even exploring additional product opportunities.
The exchange has already seen a lot of success since its launch in October, with thousands of users from 150 countries, 170 supported tokens, volume surpassing $150 million, and a team size that has grown to almost 30.
The 0x Protocol
Being a decentralized exchange is made possible thanks to the 0x protocol, which allows the platform to relay orders between traders without ever having any of the assets leave user wallets. Orders are relayed off-chain, with the actual transactions being settled on the Ethereum blockchain in this case. Since the platform no longer has direct control of the trades and sort of becomes a message board for potential buyers and sellers, this further protects the exchange from any governmental issues with regulations or the like.
The project released its whitepaper earlier last year, and since then, the 0x protocol has come a long way from being theoretical. It looked to improve security and make exchanges trustless, especially after the string of major exchange breaches and hacks that the Bitcoin community has experienced, all the way back to Mt. Gox.
Future for Radar Relay
As tokenization continues to make asset ownership digital, exchanges will become more and more key as a vital infrastructure layer. As such, the team behind the decentralized exchange sees themselves as “the builders here to onboard the world to the Token Economy.”
With the rise of even non-fungible tokens, security and speed will be of even greater importance for exchanges catering to an increasingly large customer base.