crypto trading infrastructure company Reservoir completes $14 million Series A financing, led by Union Square Ventures

PANews reported on February 5 that according to The Block, crypto token trading infrastructure provider Reservoir announced that it had completed a US$14 million Series A financing, led by Union Square Ventures, and participated by Coinbase Ventures, Variant, Archetype, 1kx and others. Union Square Ventures partner Nick Grossman joins the Reservoir Board of Directors.

Founded in 2021, Reservoir initially focused on NFT trading infrastructure, with clients including Coinbase, OpenSea, Magic Eden, MetaMask and Zora. After this round of financing, the company will expand to full-chain token trading. Its products include Relay (a cross-chain bridge and redemption platform for Solana, Bitcoin, Tron and EVM chains), Reservoir Swap (decentralized trading API) and Reservoir NFT (NFT market and API).

CEO Peter Watts said the company's goal is to support the seamless flow of millions of tokens between thousands of chains and promote innovation in financial and cultural applications. The current Reservoir team has 25 people, and plans to expand to 40 people by the end of the year, focusing on recruiting members of the product, engineering, design and marketing teams.