CoinDCX and Orderly Network team up to revolutionize decentralized trading
Orderly Network Secures $20 Million Funding with Backing from Top Industry Investors
30 March 2023
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Jayashri Ghorpade
Orderly Network, a joint venture of crypto exchange WOO Network and layer-1 blockchain platform NEAR, was founded in 2021 and is based in the Bahamas.
Among its investors, Nomura, Sequoia China, Pantera Capital, Dragonfly, and Jump Crypto have contributed to Orderly Network raising $20 million in funding to date.
In 2022, CoinDCX Ventures invested in several companies, including Space and Time, Zulu, Unstoppable Domains, Optic Monitors, Liminal, Taki, and MetaEngine.
Although CoinDCX Ventures, the investment arm of cryptocurrency exchange CoinDCX, has invested in the Bahamas-based decentralised trading infrastructure provider Orderly Network, the investment amount has not been disclosed.
Orderly Network, founded in 2021 as a joint venture between crypto exchange WOO Network and layer-1 blockchain platform NEAR, leverages WOO Network's capabilities to build trading platforms and decentralized exchanges, providing centralized finance-level trading infrastructure.
“Orderly Network is primed to supercharge spot and perpetual futures orderbook DEX, which will eventually benefit DeFi platforms such as Okto and create unique trading experiences for their users. Self-custody, and transparency, alongside CeFi-style execution, are the strengths of Orderly Network’s product line. We are excited about the Indian market given its growing appetite for digital assets, as institutions look for robust DEX platforms to build on,” Arjun Arora, COO of Orderly Network, said in a statement.
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Orderly Network has raised a total funding of $20 Mn to date and counts the likes of Nomura, Sequoia China, Pantera Capital, Dragonfly, and Jump Crypto among its backers.
“Orderly Network is building an order book-based decentralised exchange which we believe is the next step in the evolution of decentralised exchanges, providing an enhanced trading experience to customers in a DeFi environment,” CoinDCX Ventures MD Rohit Jain said.
Last year, CoinDCX launched its investment arm with the goal of deploying INR 100 Cr in the Web3 ecosystem and funding early-stage crypto and blockchain startups. In 2022, the venture, CoinDCX Ventures, backed companies including Space and Time, Zulu, Unstoppable Domains, Optic Monitors, Liminal, Taki, and MetaEngine.
CoinDCX, amidst the ongoing crypto winter, conducted a restructuring exercise in January this year, resulting in layoffs of employees from sales and marketing teams. Additionally, its India entity, Neblio Technologies, reported a net loss of INR 41.34 Cr in FY22, in contrast to a net profit of INR 4.36 Cr in FY21. Despite this setback, the company's operating revenue increased by 12.5X, from INR 47.1 Cr in the previous year to INR 588.5 Cr.
India's first crypto unicorn, with investors including Polychain Capital, B Capital Group, DFJ DragonFund, Kindred Ventures, Pantera Capital, Steadview, and Coinbase Ventures.
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