SOMA.finance closes $6.5m seed funding round to accelerate growth

SOMA.finance closes $6.5m seed funding round to accelerate growth

Published: 24-01-2022 15:09:00 | By: Pie Kamau | hits: 4174 | Tags:
Blockchain
China
Cryptocurrency
Fintech
January 2022
Tech
USA
Venture Capital & Private Equity

SOMA.finance, a Hong Kong and New York-based decentralized marketplace for digital assets, announced the completion of a $6.5 million seed funding round.

SOMA Finance announced the completion of a $6.5 million seed round. Launched by MANTRA DAO and Tritaurian Capital, Incorporated, the Company is a new joint venture seeking to build the critical, U.S. compliant infrastructure to usher in the future of decentralized finance (DeFi).

SOMA.finance is positioned to be the first decentralized exchange platform (DEX) that will provide compliant trading and issuance of tokenized equities, crypto assets, security token offerings (STOs), non-fungible tokens (NFTs) and more. Other applications may include airdrops, burns and buybacks, yield farming and automated market maker-style liquidity pools, all in a safe and secure environment.

John Patrick Mullin,  Co-founder, SOMA.finance: "We are absolutely thrilled to have closed our seed round with a number of top-tier investors. We believe that SOMA.finance will be the leading digital assets platform with the commitment and expertise to address all regulatory environments, effectively putting the building blocks in place to be the DeFi home of both retail and institutional investors."

The $6.5 million round was led by Animoca Brands, a Hong Kong based blockchain gaming and open metaverse company, with participation from other notable investors including Kenetic Capital, Griffin Gaming Partners, GSR, Token Bay Capital, Mind Fund, UNKNOWN VC, FOMOcraft, BCW Group, Tai Ping Shan Capital, Gate Ventures, 0x Ventures and others.

Bill Heyn, Co-founder, SOMA.finance: "SOMA.finance is the missing piece that will bring the securities and traditional financial world into the blockchain and decentralized digital assets era. With the strong support of our seed round partners, who share our vision of a compliant DEX, we will strive to deliver a product that will meet the standards of even the most sophisticated of investors."

As a compliant multi-asset DEX, SOMA.finance plans to offer its services globally (including in the United States), such as the ability to list Regulation CF, Regulation D, Regulation S and Regulation A offerings. SOMA.finance's native issuance platform will open a new class of digital assets and products to both retail and institutional investors. Listing compliant securities will enable U.S. and other users to enjoy many traditional benefits of DeFi applications, without violating securities law and regulations.

Yat Siu, Executive Chairman and Co-founder, Animoca Brands: "Backed by an experienced team coming from established successes at MANTRA DAO and Tritaurian Capital, we believe that SOMA.finance is well positioned to become a leading, regulatory compliant decentralized exchange that is able to offer tokenized equities, security token offerings and various other DeFi services."

www.soma.finance