PANews reported on February 5 that according to The Block, Reservoir, a provider of crypto token trading infrastructure, announced the completion of a $14 million Series A financing round, led by Union Square Ventures, with participation from Coinbase Ventures, Variant, Archetype, 1kx, etc. Union Square Ventures partner Nick Grossman joined the Reservoir board of directors.
Reservoir was founded in 2021 and 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 exchange platform for Solana, Bitcoin, Tron and EVM chains), Reservoir Swap (a decentralized trading API) and Reservoir NFT (an NFT market and API).
CEO Peter Watts said that 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.
