Ubeswap announced last Wednesday, October 20, through its Twitter account, its initial financing round of $1.2 million, led by the Celo validator community.
“The Ubeswap community is proud to announce a successful $1.2 million seed funding round, led by the Celo validator community. Just as the Celo validator community initiated the launch of the Celo network, they are once again putting their weight behind Celo’s core network infrastructure as Ubeswap”, he said through an article published on the Medium platform.
According to the company, this crowdfunding is a powerful statement demonstrating Ubeswap’s strong commitment to decentralization and community. Furthermore, the high initial issuance rate in UBE’s token reward program for liquidity providers on the platform aims to rapidly decentralize ownership of the platform. There are now more than 7,000 wallets with a UBE balance, making each holder an active participant with a voice in the evolution of the platform. The recently announced Ubeswap roadmap also highlights the path to becoming a fully community-managed platform through a DAO.
In addition, the company offered a special thanks to the following Celo validators who participated in Ubeswap’s seed funding round in the second quarter of this year:
• Passive trust
• Polychain (Celo Ecosystem Fund)
• Capital of the validator
It is a platform that allows the decentralized exchange of Celo assets on smartphones. Liquidity providers can earn rewards paid by traders exchanging assets through the automated market maker Ubeswap.
Celo is a platform for mobile devices that makes financial dApps and crypto payments accessible to anyone with a mobile phone.