Econia Labs Raises $6.5 Million to Revolutionize Trading with Aptos Blockchain

by BSC News

April 3, 2023


Econia Labs will use the funding to expand the team and onboard developers to both Econia and Aptos and to support community initiatives such as hackathons and grant programs.

Econia to Simplify dApps integration

Crypto startup Econia Labs, building decentralized order book infrastructure on the Aptos blockchain, has raised $6.5 million in a seed funding round led by Dragonfly. The venture was also backed by other large investors, including Lightspeed Faction, Aptos Labs, Wintermute Ventures, Hudson River Trading, Flow Traders, and others.

As reported, the firm plans to use the funds to expand its team, support community initiatives like hackathons and grant programs, and onboard developers to both Econia and Aptos. 

“We are excited to be building a high-performance settlement engine out in the open and are making it easier than ever to integrate rich dApps with our innovative price discovery machine,” said Econia Labs Co-Founder and CEO Alex.

Using its atomic on-chain matching engine, Econia pools liquidity for optimal capital efficiency. Orders are settled during the transaction in which they are placed. According to Econia, the design enables a wide range of applications, such as spot trading and leveraged perpetual futures. 

The Econia protocol has undergone three independent audits and is live on the Aptos Testnet. As reported, Econia is feature-complete at the Virtual Machine level, and dApp integrators can begin connecting their smart contracts to Econia's matching engine. Additionally, DeFi developers will soon be able to access Econia Labs' client libraries, SDKs, and indexers to streamline integration with the core protocol.

BSC News reached out to Econia Labs to learn more about the development, but we didn’t get an immediate response. 

Econia Labs has also recently acquired Laminar Markets, which enables it to offer seamless integration experiences for developers and market makers with Laminar Labs' order book tooling.

Worth noting, Aptos Labs raised $350 million across two venture capital rounds last October to launch its blockchain mainnet. Aptos ($APT)  is trading at $11.69, up 2.43% in 24 hours.  

What is Econia Labs:

Econia is building an Aptos blockchain-based hyper-parallelized on-chain order book. The protocol, designed for web-scale performance and built to provide equal global market access, takes advantage of Aptos' Block-STM execution engine's optimistic concurrency for superior performance and composability. Econia is a foundational settlement layer upon which a diverse set of DeFi applications can be built.

Learn more about Econia Labs:

Website | Twitter | Discord

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