Crypto and decentralized finance analytics utility and trading platform xFarmer announced on Friday that it will be wholly acquired, with the sale of all outstanding equity shares to Summit Ventures, in exchange for an undisclosed sum. Summit Ventures, a leading early-stage cryptocurrency venture capital firm which is based in Menlo Park, California, will have two seats on xFarmer’s board of directors. During this transition, company resources will be concentrated on further developing xFarmer’s native decentralized exchange.
Following this, Jody Radack, an executive, will act as xFarmer’s newly appointed CEO. Radack has had extensive experience working in the crypto industry and is well-versed in blockchain infrastructure with a strong digital marketing background. Siddarth Chandra, founder of xFarmer, will transition to his new role as chief technology officer and dedicate more time to product development, notably on DEX functionalities and the evaluation of underlying technologies of potential assets and future partners.
The acquisition reflects a strong interest in xFarmer’s community-focused ecosystem, which boasted roughly 150,000 mobile app downloads and 28,600 daily active users as of August 2021. XFarmer’s all-in-one app platform seeks to educate new users about DeFi and provides trading tools to help them deepen their involvement in the industry. Important functions and tools are consolidated for users, enabling them to create cross-chain wallets, improve liquidity, instantly process DEX swaps, and more. The app sees an average of 580,000 opens a day with users averaging one hour and 23 minutes of time spent on the platform.
To further accelerate sustainable growth and provide users with a true one-stop-shop experience, the leadership has strategically emphasized the need for a native DEX. By combining the analytics utilities with a DEX all within one app, users can have access to functionalities no other DEX provides. “DEXs are complicated. Traditionally, there are no pricing or technical analysis indicators, and even for more advanced users, swapping assets and calculating optimal prices, wallet balance, or even just getting started is convoluted and complex. XFarmer will be a seamless, easy-to-use product so users of all levels can enjoy DeFi,” stated Radack. Additionally, xFarmer plans to have a dual fee structure that incentivizes both traders and liquidity providers, allowing both parties to earn as they trade or provide liquidity.
The transaction also signals strong demand for DeFi in the cryptocurrency space, which is a blockchain-based form of finance that eschews financial intermediaries such as brokerages or banks, using smart contracts on blockchains such as Ethereum, Heco or the Binance Smart Chain to govern the transactions. Users can use DeFi apps to lend or borrow from one another, trade cryptocurrencies, speculate through derivatives, and more. As of June 2021, approximately $48 billion was invested in the DeFi market, with most DeFi apps running on the Ethereum blockchain.
XFarmer hopes that its new relationship with Summit Ventures will enable its platform to reach new levels of growth. Going forward, the company plans to improve technical support and user experience, as well as expand access to the many digital assets that DeFi can offer.
To read more about this transaction, please check here for the original announcement.