The protocol leverages layer 2 solution Nahmii to to build a ‘commercially’ viable decentralized exchange (DEX).
NiiFi, a new decentralized exchange (DEX) and lending protocol aimed at mainstream use cases, today announced that it has successfully closed a $3 million seed round, as per a press release.
The DEX would use raised funds to buildout as the first application on Nahmii 2.0, the first Ethereum layer 2 scaling solution that enabled fiat currency swaps, instant transaction finality, and KYC/AML compliance capabilities required for broad adoption.
The round was led by industry bigwigs DARMA Capital, with participation from A195 Capital, AU21 Capital, Blocksync Ventures, Lotus Capital, Moonwhale Ventures, Protocol Ventures, Three M Capital, and Matterblock among others.
Additionally, beginning on May 20, 2021, individual investors will have an opportunity to participate in NiiFi’s launch on Polkastarter.
What is NiiFi?
NiiFi is a decentralized exchange that provides swapping and lending features comparable to Uniswap.
However, unlike existing DEXs built on Ethereum or other base layer protocols, the protocol leverages the singular capabilities of Nahmii 2.0 to provide the first decentralized exchange capable of real-time transaction necessary to enable high-frequency trading and other high-volume features.
The capable team of developers behind NiiFi has previously built products used by millions of users across several industries and has been designing blockchain scaling solutions since 2013.
“NiiFi is the vanguard use case for Nahmii 2.0. Using Nahmii’s groundbreaking technology, NiiFi can now build the first decentralized exchange aimed at broad, mainstream adoption,” said Jacobo Toll-Messia, CEO of Nahmii AS.
Toll-Messia added, “We are grateful for the continuing commitment of DARMA Capital and all of our investors as we work to fulfill the fundamental promise of blockchain-based, decentralized technologies.”
The Nahmii solution has been live on the mainnet since 2018, solving several major problems that currently limit the potential of decentralized applications by providing developers a platform that enables instant finality, low latency, and high transactional throughput for commercial viability.
As a result of solving these problems, Nahmii will ultimately support an entire ecosystem of decentralized solutions aimed at mass adoption.
As such, Nahmii will release its 2.0 whitepaper detailing technical improvements in the coming weeks with production launch in Summer.
Meanwhile, Andrew Keys, Managing Partner of DARMA Capital, said the team was excited to invest in NiiFi and to begin the DeFi ecosystem on Nahmii 2.0. “We believe Nahmii 2.0’s unique ability to provide instant finality will fuel innumerable commercial use cases and we are excited to start this journey with them,” Keys ended.