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As part of its broader efforts to capitalize on the decentralized finance space, SoftBank's (OTCPK:SFTBY) (OTCPK:SFTBF) Vision 2 Fund has led a Series B financing round for BloXroute, a cryptocurrency firm that facilitates DeFi transactions, The Block reported Tuesday.
The funding will help boost BloXroute's team and overall growth, the company's Co-Founder, Uri Klarman, told The Block.
Specifically, BloXroute, which currently employs 30 staff, is expected to expand its headcount to 100 in the "near future," Klarman explained. Furthermore, Robert Kaplan, an investment director at SoftBank Investment Advisors, has joined BloXroute's board.
Dragonfly Capital, ParaFi Capital, Lightspeed Venture Partners, GSR, Jane Street and Flow Traders were among other investors in BloXroute's latest funding.
Chicago-based BloXroute, founded in 2018, is a blockchain distribution network for DeFi traders on a handful of blockchains such as Ethereum (ETH-USD) and Polygon (MATIC-USD). Moreover, "DeFi is peer-to-peer. You need to be connected with everyone because critical information — prices, position, arbitrage opportunities — can come from everywhere. This is where BloXroute comes in. We propagate DeFi information almost at the speed of light, allowing our users to make better trades," Klarman told The Block.
In mid-July 2021, SoftBank said it will invest $75M in a Peter Thiel-backed crypto exchange.