Tonic Raises $5M in Funding
Tonic, a Miami, FL-based startup building a decentralized protocol for trading of any asset on NEAR and Aurora, closed a $5m funding round.
The round was led by Electric Capital and Move. dao5, Framework Ventures, NetZero Capital, Daedalus, and Bixin Ventures also participated in the round, along with GSR, Wintermute, Flow Traders, Cumberland, and Jane Street.
The company intends to use the funds to build an open-source orderbook DEX on the NEAR Protocol, continue to expand its team, and deliver a scalable platform for trading and building DeFi applications.
Founded in January 2022, Tonic is building a permissionless decentralized protocol for fast and seamless trading of any asset on NEAR and Aurora. The platform will enable developers building on NEAR’s Layer 1 solution to integrate trading functionality into their applications.