Ultrade Raises $2.4M in Seed Funding
Summary
The round was led by Algorand Foundation with participation from Big Brain Holdings, Tess Ventures, Sarson Funds, Valhalla Capital, among others. The company intends to use the funds to expand operations and its business reach. Led by CEO Dan Goldman, Ultrade provides a DeFi-as-a-Service trading ecosystem that gives brands, projects and communities the ability to generate and capture trading fees from their audience in an owned experience. The core of the platform is an all-in-one, non-custodial DeFi trading application dubbed the Ultimate Trading Suite, comprising full limit orderbook trading for Spot and Derivatives such as leveraged perpetuals, as well as their advanced Hybrid Aggregating AMM (haAMM) which provides best-execution across LP pools and the orderbook, increasing liquidity depth and reducing slippage, while giving liquidity providers on the orderbook a piece of the fees paid for the provided liquidity. The company launched its Testnet on the Algorand blockchain in late June, amassing thousands of users on Algorand, and plans to expand as a multi-chain platform.