DeFi Platform Slingshot Finance Raises $15M

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Decentralized trading (DeFi) platform Slingshot Finance (formerly DEX.AG) has raised $15 million in a Series A funding round, The Block reports.

The round was led by Ribbit Capital, including members: K5 Global, Shrug Capital, The Chainsmokers, singer Jason Derulo, Checkout.com startup founder Guillaume Poussa and Morning Brew CEO Austin Reef.

Slingshot’s current investors Framework Ventures and Electric Capital also took part in the round.

The company intends to use the raised funds to expand its staff, launch a mobile app and give support to more blockchains.

Slingshot supports Ethereum’s second-tier Polygon and Arbitrum solutions. According to platform CEO Clinton Bembri, the next network will be Optimism, but the team is also considering the Solana, Avalanche and Binance Smart Chain blockchains.