Decentralised exchange protocol Orderly Network has raised new funding while Indonesian tech firm Metrodata has formed a new JV with Taiwanese tech firm CacaFly.
Orderly Network completes $20m financing round
Orderly Network, a permissionless decentralised exchange protocol built on NEAR, raised $20 million in a strategic financing round from various investors, including Three Arrows Capital, Pantera Capital and Dragonfly Capital.
Sequoia China, Jump Crypto, Alameda Research, GSR Ventures and MetaWeb.VC also participated in the round.
Orderly Network will utilise the fresh funding to recruit more team members across all key functions, develop new and existing products, and add partnerships. The firm will also launch community lending pools to enhance liquidity. This way, token holders are able to lend assets to market makers and get a single-sided liquidity provision with sustainable yields.
Founded in April 2022, Orderly Network is incubated by NEAR and WOO Network, which is also the first decentralised app (dApp) to launch on Orderly Network. Orderly Network uses an on-chain order book to provide a platform with a risk engine, matching engine, and shared asset pools for dApps to build on.
Professional market makers will be able to ensure ample liquidity for the network at all times while for traders, Orderly Network will be integrated with bridges that enable smooth deposits/withdrawals from any layer on blockchain.
“We are proud to back Orderly as they build out top-performing infrastructure and deep liquidity on NEAR,” said Kylie Davies, co-founder of Three Arrows Capital. Infrastructure that is being built for traders by traders will result in better products that meet the specific needs and provide the best possible trading experience, he added.
Indonesia’s Metrodata forms JV with Taiwan’s CacaFly
Indonesia-listed ICT company Metrodata teamed up with Taiwanese digital marketing firm CacaFly to form a joint venture named CacaFly Metrodata Indonesia [CMI]. The new JV will offer online and offline data-driven marketing solutions in Indonesia.
The majority of CMI will be owned by CacaFly with a 51% stake. This strategic move marks CacaFly’s latest expansion into Southeast Asia. The company already has a presence in neighbouring Malaysia and Singapore. In its home market Taiwan, CacaFly is known for its expertise in artificial intelligence, big data, and machine learning for marketing campaigns. The new JV will leverage Metrodata’s local market know-how and networks.
CMI will work with AI-powered Gojek Ads Network [GoGan], which was built together with TenMAX, a subsidiary of funP Innovation Group, CacaFly’s parent company. It will also partner with TikTok Indonesia to provide consulting services for brands looking to promote their products through TikTok Shop.
“Indonesia has long been a target market for CacaFly as it has the largest population in SE Asia, the highest penetration of mobile e-commerce users in the world, and a growing digitally native middle class looking to upgrade lifestyles,” said Brian Yang, co-founder of CacaFly and CEO of CMI.
The firm appointed former Google and Shopee staff Amanda Lai as general manager for CMI.