The reservoir, a crypto infrastructure startup that facilitates token trading throughout the industry, has raised $ 14 million in a series A funding round.
Union Square Ventures led by funding round, reservoir Announced On 5 February.
According to the platform, capital injection will support its goal of bringing token trading in every blockchain network.
As a crypto startup, the reservoir’s infrastructure offers enabled to trade with integrated non-fangbal tokens in decentralized applications. Coinbase, Metamaska, Magic Eden and Zora are among the crypto platforms that have integrated its services. However, the startup aims to expand its access to the broad ecosystem.
Efforts to expand the reservoir have attracted support from many venture capital firms. Series A saw participation from variants, coinbase ventures, Delphi Digital, Arctype and Square Peg Capital.
“We are moving towards a world with millions of tokens released in thousands of chains. The mission of the reservoir is to enable the spontaneous movement between all these assets, to unlock the cases of powerful new use in finance and culture. We are excited to use this funding to enable universal, onchain liquidity for any tokens on any series. Immediately, “Peter Watts, the founder and chief executive officer of the reservoir, said.
The infrastructure product suit of the reservoir includes relay, reservoir swap and reservoir NFT. The relay instant bridging provides the token swap, and calls Bitcoin (BTC), Solan (Sol) and Tron (TRX). This feature also supports over 42 EVM-compatible chains. Users can also reach DEX and NFT marketplace functions.
Nick Grossman, a partner in the USV, highlighted the importance of expansion of the reservoir:
“As onchain ecosystem ever becomes more complex, we need tools that make the builder and user experience simple, sharp and more joyful. This is what the reservoir excels the team in its suite of equipment for bridging, swapping and other onchain tasks, ”said Grosman.
