Crypto infra startup Reservoir secures $14m to drive expansion
Reservoir, a crypto infrastructure startup that facilitates token trading across the industry, has raised $14 million in a Series A funding round.
Union Square Ventures led the funding round, Reservoir announced on Feb. 5.
According to the platform, the capital injection will support its goal of bringing token trading to every blockchain network.
As a crypto startup, Reservoir’s infrastructure offering enables trading with integrated non-fungible tokens across decentralized applications. Coinbase, MetaMask, Magic Eden, and Zora are among the crypto platforms that have integrated its services. However, the startup aims to expand its reach across the broader ecosystem.
Reservoir’s expansion efforts have attracted backing from several venture capital firms. The Series A round saw participation from Variant, Coinbase Ventures, Delphi Digital, Archetype, and Square Peg Capital.
“We’re moving towards a world with millions of tokens issued across thousands of chains. Reservoir’s mission is to enable seamless movement between all of these assets, to unlock powerful new use cases across finance and culture. We’re excited to use this funding to enable universal, onchain liquidity for any token on any chain. Instantly,” said Peter Watts, the founder and chief executive officer of Reservoir.
Reservoir’s infrastructure product suite includes Relay, Reservoir Swap, and Reservoir NFT. Relay facilitates instant bridging, token swaps, and calls on Bitcoin (BTC), Solana (SOL) and Tron (TRX). This feature also supports more than 42 EVM-compatible chains. Users can also access DEX and NFT marketplace functionalities.
Nick Grossman, Partner at USV, highlighted the significance of Reservoir’s expansion:
“As the onchain ecosystem becomes ever more complex, we need tools that make the builder and user experience simpler, faster, and more joyful. This is exactly what the Reservoir team excels at across their suite of tools for bridging, swapping, and other onchain actions,” Grossman noted.
