Quick take:
- The fundraising also attracted participation from Coinbase Ventures, Variant, Archetype, 1kx and others.
- It brings the total raised to $26 million following a $10 million seed and $2 million pre-seed rounds announced in 2022 and 2021, respectively.
- As part of the deal, Union Square Ventures’ Nick Grossman joined Reservoir’s board.
Token trading infrastructure platform Reservoir has raised $14 million in a Series A round led by Union Square Ventures. Coinbase Ventures, Variant, Archetype, 1kx, and others participated in the fundraising.
The fundraising brings the total raised to $26 million following a $10 million seed and $2 million pre-seed rounds announced in 2022 and 2021, respectively.
The company plans to use the fresh capital to expand its token trading service beyond NFTs, enabling trading on apps across multiple blockchains. Union Square Ventures partner Nick Grossman joined the Reservoir board as part of the deal.
Reservoir was founded in 2021 as an NFT trading infrastructure platform. It partners with Coinbase, OpenSea, Magic Eden, MetaMask, and Zora, but now looks to expand its business further.
“We’re moving towards a world with millions of tokens issued across thousands of chains,” Reservoir co-founder and CEO Peter Watts told The Block. “Reservoir’s mission is to enable seamless movement between all of these assets, to unlock powerful new use cases across finance and culture.”
The company’s bridging and swaps platform, Relay has been integrated with Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains and rollup networks, enabling multi-chain support.
Reservoir also offers Reservoir Swap, a decentralised exchange and token API and Reservoir NFT, which acts as its NFT marketplace and API.
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