Zeta Markets, a decentralized exchange (DEX) for perpetual trading, announced the completion of a $5 million strategic funding round on May 14. In its statement, the company highlighted that fundraising accelerates the development of the first DeFi L2 in Solana.

According to anúncio official Zeta, with the round of financing, the company’s capital was raised to US$ 13,5 million. “The funding will fuel the development of the first DeFi L2 on Solana, advancing our mission to create the best all-in-one trading platform,” he highlighted.

 

1/ Announcing Zeta Market’s new $5M Strategic Round led by @ElectricCapital, bringing our total capital raised to $13.5M.

The funding will fuel the development of the first DeFi L2 on @solarium, advancing our mission to craft the ultimate one-stop trading platform. pic.twitter.com/C4vkO9ba0b

— Zeta Markets | $Z is coming 🔥 (@ZetaMarkets) May 14, 2024

The round was led by Electric Capital with participation from DACM, Airtree Ventures and Selini Capital, along with prominent angel investors such as Solana Labs CEO Anatoly Yakovenko, Mert Mumtaz of Helius, Richard Wu of Tensor Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Debridge’s Alex Smirnov, Pyth’s Genia Mikhalchenko, Bonk’s Nom, Wintermute’s JMR Luna, and others. “We are extremely grateful for the support of our investors, who reinforced our vision despite the uncertainty of the bear market.”

Electric Capital co-founder Avichal Garg commented on the recent development aimed at expanding SOL: “We are excited to see the Zeta Markets team deepen its commitment to Solana with the reveal of its ambitious L2 roadmap (…) Its focus on Building high-quality, decentralized solutions that solve real problems for users has resulted in tremendous momentum this year. (…) We are proud to continue to support them as they expand their vision beyond their successful DEX.”

According to the company, Zeta’s layer-2 solution will maintain centrally capped order books (CLOB) as a first-class citizen and enable direct Solana bridging to tap the rapidly growing DeFi liquidity pool. “It also aims to solve larger UX problems with DEXs by abstracting gas costs and tedious transaction signing,” he explained.

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