Convergence RFQ, an upcoming trading platform built on Solana, has achieved a noteworthy milestone by securing $2.5 million in funding during its pre-seed round.
C² Ventures played a leading role in this funding round, accompanied by participation from notable contributors such as Big Brain Holdings, Israel Blockchain Association, Auros Global, and additional backers. The funding round, initiated in the middle of the previous year, concluded in June 2023. It was structured as a simple agreement for a future token round (SAFT), with a fully diluted valuation of $30 million, according to Uwe Cerron, Co-founder of Convergence RFQ.
Convergence RFQ is poised to become an on-chain cryptocurrency trading platform, offering support for both spot and derivatives trading. RFQ stands for “request for quote,” a method where buyers solicit price quotes from sellers, offering an alternative approach to the order book system used by centralized exchanges and automated market makers employed by decentralized exchanges.
By implementing RFQ, Convergence RFQ aims to tackle challenges like slippage and front-running commonly associated with other trading methods. RFQ enables market makers and trading desks to provide competitive quotes and manage their exposure before executing trades, creating a hybrid model that bridges centralized exchange liquidity and decentralized pricing mechanisms. The platform is currently being developed on the Solana network, with plans to extend support to the Ethereum Layer 2 network Arbitrum in the future. Convergence RFQ is scheduled for an early launch next month and aims to expand its team with additional hires, particularly in marketing and growth roles.
