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Cryptocurrencies.AI Raises $8M to Merge Decentralized and Centralized Trading
The firm is building a centralized exchange and a decentralized one on the Solana blockchain.
Updated May 9, 2023, 3:19 a.m. Published May 20, 2021, 1:33 p.m.
Cryptocurrencies.AI, a trading platform with centralized and decentralized components, has raised $8 million in a funding round including Alameda Research, Alphabit and other investors.
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- Cryptocurrencies.AI's aim is to debunk the belief that decentralized finance is inherently complex and separate from centralized finance, according to an announcement Thursday.
- The crypto industry "all too often accepts frustratingly poor user experience and fragmentation as both crypto natives and newcomers are forced to use a variety of different tools to optimize their trading strategies," according to CEO Hisham Khan, a former project lead at Bloomberg.
- "We’re changing that by bringing everything into one place," Khan said.
- Its decentralized exchange (DEX) will be built on the Solana blockchain, while its centralized exchange (CEX) will harness a strategic partnership with Binance.
- DFG, AU21, Master Ventures, Fomocraft Ventures, Protocol Ventures, A195, GBIC and Rarestone Capital also took part in the funding round.
See also: CEXs vs. DEXs: The Future Battle Lines
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