Decentralized trading protocol, Orderly network has secured a huge investment from CoinDCX Ventures, the investment subsidiary of India’s leading crypto exchange, CoinDCX. The protocol announced the development via a blog post on Tuesday. According to the announcement, Orderly aims to harness the investment to strengthen the advancement of its Web3 and DeFi ecosystem.
Orderly Network COO, Arjun Arora described CoinDCX as a worthwhile investor. According to Arora, the decentralized finance ecosystem is evolving rapidly. As such, he noted that Orderly network strives to keep up with this development by providing clients with reliable access to digital assets.
Further, the Chief Operating Officer also noted that Orderly network aims to supercharge a spot and perpetual futures order book DEX. This, according to him, will be beneficial to DeFi platforms such as Okto and also establish outstanding trading/investing experiences for their users. In addition, Arora stated that the tenets of the Orderly network product line are Self-custody, and transparency alongside CeFi-style execution.
Notably, CoinDCX Managing Director, Rohit Jain made some comments as regards the investment in Orderly network. First, Jain expressed the delight of the firm to invest in the decentralized trading protocol. Jain noted that the investment reiterates the commitment of CoinCDX towards advancing the web3 and the DeFi ecosystem.
Orderly network to develop order book-based decentralized exchange
Jain further announced that Orderly network is working on an order book-based decentralized exchange. He believes that this initiative will mark the next step in the evolution of decentralized exchange. More so, the managing director notes that the order book-based decentralized exchange will provide an enhanced trading experience for customers in the DeFi environment. He, however, reaffirms the commitment of CoinDCX to investing in Web3 ecosystem technology to foster wider adoption.
Worthy of note that Orderly network was established through a joint partnership in 2021. The collaboration was between WOO Network, one of the top 10 most trusted crypto exchanges, and NEAR, a leading layer 1 blockchain firm. According to findings, the protocol offers a centralized finance-level trading infrastructure. It achieves this by leveraging WOO Network experiences in building trading platforms and decentralized exchanges.
Meanwhile, this investment comes a few months after Laser Digital, a cryptocurrency subsidiary of Nomura invested in Orderly Network. Similarly, notable firms such as Sequoia China, Pantera Capital, and others also invested in the protocol in June 2022.