Decentralized Crypto Exchange Radar Relay Secures $10M Series A Funding
Radar Relay has secured an outstanding $10 million Series A funding from a number of top investment firms to support its initiative through strategic hiring, new product research, and global expansion of its platform.
Led by an industry investment company, Blockchain Capital, Radar Relay received contributions from Digital Currency Group, Chapter One, Village Global, Kokopelli, V1.VC, Breyer Capital, Collaborative Fund, Kindred Ventures, SV Angel, Slow Ventures, Elefund, Reciprocal Ventures, Distributed Global, and Tusk Ventures.
According to Alan Curtis, the startup’s CEO, the money will mainly be used to expand the platform’s community team as well as enable new research. The funding comes after the company secured $3 million in December 2017, a round that was also spearheaded by Blockchain Capital.
The decision to raise more funds was driven by the growing use of the Radar Relay Platform. Curtis added that, since a small number of users are from the US, the company needs to be able to provide support to people from other regions, something that can only be possible by expanding its team.
“We are supporting users from 150 countries. Of those countries, less than a third of our users are from the United States, which means we have to have core competencies in those [other] countries. Part of this funding is to establish a community ambassador program in those countries so we can serve our customers abroad,” Curtis said.
This initiative will see the startup hire more people fluent in different languages in order to help solve their users’ concerns.
About Radar Relay
Radar relay was launched in October 2017 with an aim to leverage blockchain technology to help trade Ethereum tokens without the use of a middleman. It allows users to trade directly from their wallets by relaying orders between them.
Unlike centralized exchanges, the platform doesn’t hold custody of users’ tokens, so in case of any mishaps or maintenance, the coins stay accessible in the wallets of the users.