Primitive is thrilled to announce that we have raised $9 million in Series A funding. The round was led by Bain Capital Crypto and included participation from 1confirmation, Collab+Currency, Hart Lambur, Nascent, and Robot Ventures. In addition to Electric Capital and Framework Ventures, all investors participated in Primitive’s seed round, which raised $3 million.
Primitive’s focus is to build innovative products oriented around Automated Market Makers (AMMs) and their evolving role in decentralized finance (DeFi). These tools improve the experience of using AMMs and enable users to leverage this new class of financial instruments effectively.
AMMs are a type of decentralized exchange that enables anyone to participate as a market maker. Market making on AMMs allows users to extract revenue from transaction fees on orders that flow through the exchange. AMMs are essential to the DeFi ecosystem and allow anyone to bootstrap financial markets without participation from professional market-making firms.
Primitive will use our Series A funding to build products that make discovering popular AMM liquidity pools and strategies easier, powered by a new protocol and suite of DeFi development tools. For those curious but unfamiliar with AMMs, Primitive offers educational materials that empower users to broaden their understanding of DeFi.
“Over the past two years, we have realized that we can broaden DeFi’s adoption by focusing on user experience and creating easy-to-use tools for new and veteran crypto users alike,” said Angel, Founder and Chief Executive Officer of Primitive.
“Primitive offers advanced financial products and market-making strategies while retaining the elegance and simplicity of automated liquidity provision,” said Alex Evans at Bain Capital Crypto. “We are excited to work with the excellent Primitive team as they broaden access to powerful crypto-native financial instruments.”
Today, the Primitive team is led by Angel, Zach Thielemann and Matt Czernik. The team includes twelve skilled individuals with unique expertise in smart contracts, mathematics, cryptography and design to identify demands in the market and build simple products that meet those demands. The company is currently expanding its NYC-based and globally remote teams. To learn more and apply, visit https://jobs.primitive.xyz.
Primitive builds powerful infrastructure and innovative products in DeFi. Our team is committed to supporting the next generation of crypto users through education and simplified interfaces, and our research and development are driven by intention and integrity. Join the Primitive community on Discord and Twitter, and learn more about Primitive at https://primitive.xyz/.