Decentralized exchange Bonfida raises $4.5M in seed round led by CMS Holdings

The decentralized, non-custodial exchange Bonfida has raised $4.5 million in a seed round, the team behind the project announced Tuesday. 

The round was led by CMS Holdings with participation from Sino Global, Three Arrows Capital, Spartan Group and Genesis Block Ventures, among others.

Bonfida is built on top of the open-source Serum trading protocol and is powered by the Solana blockchain. 

“Bonfida has built a full-featured exchange on top of the Serum protocol, helping it live up to the promise that decentralized exchanges can be as robust and powerful as their centralized counterparts,” said CMS Holdings co-founder and partner Bobby Cho.