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Finance

Animoca Brands Leads $6.5M Round for Decentralized Exchange Soma.Finance

Soma aims to be a fully compliant exchange for digital assets for both institutional and retail investors.

By Brandy Betz
AccessTimeIconJan 20, 2022 at 3:00 p.m. UTC
Updated Apr 10, 2024 at 2:41 a.m. UTC
Animoca Brands co-founder Yat Siu (Animoca)

Soma.Finance, a decentralized exchange for trading digital assets and compliant digital securities, has completed a $6.5 million seed round led by blockchain gaming and open metaverse company Animoca Brands.

  • Soma aims to be a fully compliant decentralized exchange (DEX) and product suite for institutions and retail investors.
  • Proposed services include built-in know-your- customer (KYC) and anti-money laundering (AML) functions, digital asset trading and permissionless regulated automated market making (AMM).
  • The company was founded as a joint venture between Hong Kong-based decentralized finance (DeFi) platform Mantra DAO and New York-based Tritaurian Holdings, which has a Financial Industry Regulatory Authority (FINRA) licensed broker-dealer subsidiary.
  • Other participants in the round included Kenetic Capital, Griffin Gaming Partners, GSR, Token Bay Capital, Mind Fund, Unknown VC, Fomocraft, BCW Group, Tai Ping Shan Capital, Gate Ventures and 0x Ventures, among others.
  • “We believe that SOMA.finance is well positioned to become a leading, regulatory compliant decentralized exchange that is able to offer tokenized equities, security token offerings and various other DeFi services,” said Animoca Brands co-founder Yat Siu in a statement.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter
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