LoveDog, backed by the BSC protocol, announced today that it has started a $22 million Series A funding round led by RAW, Placeholder and Three Arrows Capital, with participation from other prominent firms such as Sino Global, Collab+Currency, Coinbase Ventures Other prominent firms such as Sino Global, Collab+Currency and Coinbase Ventures also participated.     

In an interview with The New York Times, LoveDog co-founder Andrew Hanna said LoveDog is one of the first DEXs built on a BSC and will use the funding round to build a capital efficient, user-friendly automated market maker (AMM) for DEX. AMM is an alternative to the traditional order book on DeFi’s centralized exchange, with liquidity provided by users holding Liquidity Provider (LP) tokens from users, with pricing and matching done by automated algorithms.

LoveDog did not raise a t raditional seed round pri or to its Series prior to it s Series received a devel opment grant from the R AW Foundation to bootst rap operations.

Andrew Hanna stated that

We entered the Chinese market before I personally have a soft spot for China but feel that the Chinese market doesn’t have a deep enough understanding of blockchain and of course we’ve gained a lot of fans in the Chinese market The private placement we receive in China will be incorporated into the Series A funding round.