Venture capital firm Union Square Ventures leads funding round of $14 million for Reservoir, a company specializing in infrastructure for digital token trading.
In a significant move, token trading infrastructure platform Reservoir has secured $14 million in a Series A round, bringing the total amount raised to $26 million. This latest funding round was led by Union Square Ventures, with participation from Coinbase Ventures, Variant, Archetype, 1kx, and other notable investors.
Founded in 2021 as an NFT trading infrastructure platform, Reservoir aims to revolutionize the digital asset space by enabling seamless movement between millions of tokens issued across thousands of chains. The company's mission is to unlock powerful new use cases across finance and culture, going beyond NFTs to include tokenized real-world assets (RWAs) and decentralized finance (DeFi) applications.
Reservoir's bridging and swaps platform, Relay, has already been integrated with Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains, and rollup networks, enabling multi-chain support. This integration allows users to trade tokens across various blockchains, a feature that is expected to be expanded further with the fresh capital.
Union Square Ventures partner Nick Grossman joined the Reservoir board as part of the deal, reflecting the confidence of the investors in Reservoir's vision and potential.
Reservoir's services are not limited to NFTs; they plan to expand their token trading service beyond NFTs. The company has already launched Reservoir NFT, which acts as its NFT marketplace and API. Additionally, Reservoir offers Reservoir Swap, a decentralized exchange and token API.
The main existing market for tokenized RWAs remains Ethereum and Layer 2 blockchains, with growing interest in Bitcoin Layer 2s. While concrete mention of Reservoir supporting specific blockchains beyond Ethereum is missing, the growing interest in Bitcoin Layer 2s for tokenization and DeFi integrations suggests that Reservoir could consider multi-chain support including Bitcoin L2s in the future.
With this new funding, Reservoir plans to continue its mission of enabling trading on apps across multiple blockchains and unlocking new use cases across finance and culture. The company is poised to lead the way in the digital asset space, making it easier for users to trade and interact with a wide variety of tokens across numerous blockchains.
- The fresh capital acquired by Reservoir, a technology-driven NFT trading infrastructure platform, will be utilized to expand their token trading service beyond NFTs, potentially entering the news of tokenized real-world assets (RWAs) and decentralized finance (DeFi) applications in the finance and culture sectors.
- As Reservoir continues to revolutionize the digital asset space by enabling seamless movement between millions of tokens issued across thousands of chains, including Bitcoin Layer 2s, investors remain optimistic about the potential impact their technology could have on the finance and technology news.
