A new stablecoin-to-stablecoin automated market maker (AMM) called Saddle went live today and announced that it has raised $4.3 million from venture capitalists.
Saddle's first liquidity pool will be for tokenized bitcoin that will let users swap between WBTC, renBTC, sBTC and tBTC, according to a statement.
The fundraising round was led by Framework Ventures, Polychain Capital, and Electric Capital. Other investors include Coinbase Ventures, Nascent, Dragonfly Capital, Alameda Research, and Divergence Ventures.
"Our team is elated to be collaborating with such a diverse group of builders, investors, and community members to grow Saddle. We are excited to leverage new innovations for on-chain liquidity ... and to be a community-led platform for experimentation and value-generation,” Saddle founder Sunil Srivatsa — a former Uber senior software engineer — in the statement.
While the current leading stablecoin AMM Curve specializes in stablecoin tokens, Saddle is focusing on bitcoin tokens on Ethereum. In the near future, Saddle also plans to create new pools for ETH-based tokens and stablecoins.