Orbs Confirms $600,000 Investment in THENA: Details
The latest investment deal will provide THENA with the capital necessary to advance its main products and increase thr TVL metric to transform the DEX landscape on BNB Chain.
Orbs provides $600,000 funding to THENA, liquidity layer and DEX
According to a joint official statement by the teams, Orbs, a blockchain infrastructure platform, has announced an investment of up to $600,000 in liquidity layer and decentralized exchange THENA. This is the next step of Orbs’ strategy focused on expanding the potential of EVM blockchains.
In addition to providing funding, Orbs is committed to providing the technical solutions that will help THENA better realize its goal of enhancing on-chain swaps to deliver better price efficiency and deeper liquidity. Prior to the funding agreement, THENA and Orbs had a history of collaboration and a productive working relationship.
Starting from June 2023, THENA has been supporting dLIMIT and dTWAP orders by Orbs on its native decentralized exchange mechanism.
THENA CEO and cofounder, Ankit Saxena is excited about the opportuities the new investing round unlocks for his company in terms of technical and marketing growth:
We’re excited to see our collaboration with Orbs evolve into a deeper strategic partnership. The Orbs team, builders like us, consistently demonstrates a forward-thinking approach and immense DeFi expertise. This investment is a testament to our shared vision of developing THENA into the premier DEX on BNB Chain.
As covered by U.Today previously, in July 2023, Orbs secured a partnership with Chronos, another high-performance decentralized exchange ecosystem.
THENA targets Asian expansion in 2024
The investment from Orbs will be used to help THENA further refine user experience, including the redevelopment of its front-end. In addition, efforts will be made to strengthen THENA’s share of the lucrative Asian on-chain market through increasing public relations and community outreach across the region.
A number of growth-hacking initiatives are also being developed that will drive greater user engagement and onboard new users. Finally, a tranche of the investment made by Orbs will be allocated to a treasury and used as a strategic reserve.
In 2022, THENA was the first protocol to bring native FRAX stablecoin to BNB Chain ecosystem, as U.Today reported.
