[Press Release – Road Town, BVI, 26th March, 2021]
Full market exchange aggregator OpenOcean has announced a private placement of its shares has been made to a selected group of investors. The news follows a recent successful strategic investment round led by Binance.
Investors include Altonomy and LD capital, both have participated in the Binance-led investment round, AU21, FBG, DAO Maker, Asymmetries Technologies, LIAN Group, TRON Foundation, MarketAcross, and Cao Zhen (partner of Republic.co). They join the strategic investors Multicoin Capital, CMS, Kenetic, LD Capital, Altonomy and Binance that lead the previous $2M round.
Since launching in Q3 2020, OpenOcean has already grown to reach the second-highest ranked exchange on dApp aggregator site DappRadar, ranking in the top ten for 30-day volumes.
OpenOcean was the first exchange aggregator to set up on Binance Smart Chain, offering full interoperability across multiple platforms. The protocol gives users full access to aggregated liquidity and best pricing from a comprehensive range of centralized and decentralized exchanges via a single user interface. It currently supports trading on Ethereum, Binance Smart Chain, TRON, and Ontology, with Solana, Layer 2, and Polkadot integrations coming soon.
The project is currently engaged in an airdrop of 1% of its OOE tokens to early users. It is also planning to distribute 34% of the total OOE supply through liquidity mining rewards over the next five years, with pools in various public chains aggregated on OpenOcean, including Ethereum, Binance Smart Chain, Ontology, and Tron. OOE will be paired in pools with several other major tokens, including DAI, ETH, USDT, BNB, and more.
Along with participation in protocol governance, the OOE token offers several other utilities. OOE holders can enjoy gas and slippage subsidies in future campaigns, significantly reducing trading costs. They also benefit from CEX VIP membership which includes benefits such as fee premiums and subsidies on trading fees and token withdrawals. OOE tokens can be deployed as margin in combined margin products to facilitate one-stop derivatives trading across exchanges and can also be used as collateral for lending.
As the cryptocurrency space is becoming more professionalized, there’s a clear need to overcome the fragmentation that exists within the markets, which OpenOcean aims to achieve. The recent successful financing initiatives will be a significant enabler for OpenOcean’s ambitious roadmap, which will see it introduce aggregation for derivatives, yield products, lending, insurance, and introduce Layer2 staking pools, combined margin products as well as intelligent wealth management services in the future.
Achieving these milestones will make OpenOcean the first of its kind to aggregate liquidity across a range of cryptocurrency products and instruments available on both centralized and decentralized exchanges. Ultimately, the project aims to become a single, user-friendly gateway for accessing the entire cryptocurrency markets, making them more accessible and attractive to all kinds of investors.
OpenOcean is a full aggregator that offers crypto traders the best possible price with lower slippage. Its protocol utilizes an optimized version of the Dijkstra algorithm called D-star, which splits routing between different protocols for better rates. OpenOcean then compares the best prices on DEXs and CEXs before empowering users to have their order executed at the best possible rate. OpenOcean’s technical team comprises a group of experienced engineers and financial veterans from industry-leading exchanges and multinational IT companies like IBM, Intel, and HP.