In a remarkable move to strengthen its position in the burgeoning crypto industry, Reservoir, a crypto infrastructure startup, has successfully raised $14 million in its Series A funding round. Led by Union Square Ventures, the round also saw participation from prominent investors including Variant, Coinbase Ventures, Delphi Digital, Archetype, and Square Peg Capital. This substantial investment aims to bolster Reservoir’s mission of simplifying and universalizing token trading across various blockchain networks, making the process more efficient and accessible.
Reservoir’s cutting-edge infrastructure allows for seamless trading of non-fungible tokens (NFTs) across multiple decentralized applications. The startup’s innovative services have already been integrated into popular platforms such as Coinbase, MetaMask, Magic Eden, and Zora. Peter Watts, the founder and CEO of Reservoir, envisions a future where millions of tokens are supported across thousands of blockchain chains, providing what he describes as “universal, onchain liquidity for any token on any chain.” This ambitious vision highlights the potential for a more interconnected and fluid blockchain ecosystem.
The comprehensive product suite offered by Reservoir includes tools like Relay, Reservoir Swap, and Reservoir NFT. These products provide functionalities such as instant token bridging, swaps, and interactions across various blockchain networks including Bitcoin, Solana, TRON, and over 42 Ethereum Virtual Machine (EVM)-compatible chains. The integration of these tools simplifies complex onchain actions, enabling users to navigate the crypto world with ease. Reservoir’s infrastructure is poised to support a wide array of use cases, enriching both the financial and cultural facets of the crypto landscape.
Nick Grossman, a partner at Union Square Ventures, underscored the importance of Reservoir’s tools in enhancing the user experience within an increasingly convoluted onchain ecosystem. By streamlining processes such as bridging and swapping, Reservoir is creating powerful new use cases that drive forward the crypto infrastructure landscape. This significant funding round not only validates Reservoir’s strategic vision but also sets the stage for substantial advancements in the way tokens are traded and managed across diverse blockchain platforms.