DeFi protocol, Balancer, has secured an investment of $5 million from Three Arrows Capital and DeFiance Capital, both of which will be key strategic partners in its expansion in Asia.

The popular DEX also has Pantera Capital and Alameda Research as its investors, which directly purchased BAL tokens from the Balancer Labs treasury, bringing its total raised fund in Series A round to $12 million.

The funding is expected to further accelerate the growth of Balancer Labs as it prepares for the launch of Balancer v2.

Earlier last week, Fernando Martinelli, the co-founder and CEO of Balancer Labs, shared that the V2 upgrade, expected to launch in March, will bring the project “closer to Balancer’s vision of being the primary source for DeFi liquidity.”

“The Balancer team has pioneered a great deal of innovation in the DeFi space and is one of the most widely used liquidity protocols. We are excited to help them expand further,” said Su Zhu, Three Arrows Capital, a Singapore-based crypto asset hedge fund.

The protocol that works on building the primary source of liquidity for DeFi has a TVL (total value locked) of $1.25 billion.

In the world of DEX, the protocol recently surpassed $10 billion in total swap volume and did about half a billion dollars worth of volume in the past 7 days compared to $1 billion by Curve, $1.3 billion by 0x, $3.5 billion volume recorded on SushiSwap, and $7.6 billion on Uniswap.

Balancer currently has 3.24% of the DEX market share, as per Dune Analytics.

The native token of the project BAL, which has a market cap of $$332 million, enjoyed the news and jumped 30% to hit $50, up 240% YTD.

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