Saddle, a new automated market maker for stablecoins, goes live after raising $4.3 million

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.


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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.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.