Community-governed DEX EmiSwap raises $1.38M in private funding

DeFi projects are continuing to draw in funds despite the recent shakedown in the markets.
DeFi projects are continuing to draw in funds despite the recent shakedown in the markets.

Disclaimer: This article has been updated to reflect EmiSwap's correct funding numbers. 

EmiSwap — a community-governed decentralized exchange (DEX) — has raised $1.38 million from a large number of investors.

Backers of the exchange, which runs as a decentralized autonomous organization, include Carl Moon, Box Mining, Edna, TMM Holdings' Jason D, Hodl.global, ExNetwork Fund, and Inclusion Crypto Fund.

EmiSwap describes itself as a gamified and decentralized automated market maker exchange. Automated market makers -based exchanges do not rely on order books like regular exchanges but instead use mathematical formulas to price assets. They also provide liquidity from multiple pools and use smart or peer-to-peer contracts for trading.

EmiSwap's offer to investors, in addition, is a full refund on Ethereum gas fees. In Q3 of this year, it also plans to launch non-fungible token cards — called NFT Magic Cards — as a gamified mechanism that aims to draw in more users. The platform's strategy also includes offering rewards to incentivize liquidity providers and swappers, providing cross- and multi-blockchain support, and encouraging ESW token holders to vote on the organization's future development.

The DEX is the first project launched as part of the EmiDAO alliance, whose members include Alpha Sigma Capital, DigiFinex Exchange, IDCM Exchange, HollaEx Exchange and others. Between them, the partners' experience spans a range of expertise across cryptocurrency exchange operations, DeFi projects, financial services and regulatory compliance (eKYC and AML). 

Other recent raises in the DeFi space include 16 prominent blockchain investment firms' backing of the DeFi interoperability protocol Composable Finance and DiversiFi's fundraise from crypto venture capital firms