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Ukrainian crypto startup Kolibrio has attracted $2 million in investment

14 Feb, 2023
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Ukrainian crypto startup Kolibrio has attracted $2 million in investment

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Ukrainian startup Kolibrio received $2 million from the Jump Crypto fund, with the participation of Delta Blockchain Fund, Everstake Capital, and angel investors. AIN.UA reports this with reference to the co-founders of the startup.

The startup is working on an automated system of on-chain auctions (that is, auctions on the blockchain), which can monetize the process of placing orders for the purchase and sale of cryptocurrency (on-chain order flow auction system, or OFA). Startup founders Alex Starikov and Anatoly Padenko compare it to the Payment-for-order-flow (PFOF) mechanism from traditional financial markets when a broker gives an order to a market maker to fulfill a client's request.

Kolibrio is the first BEV Relay (Broadcaster Extractable Value) that allows transaction broadcasters like node providers, non-custodial wallets, cross-chain bridges and dApps to offer better user experience, enable MEV-cashback, optimize infrastructure and improve the bottom line.

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8 people currently work in the startup team, and most of the developers are based in Kyiv, so the issue of military risks could not be ignored during the negotiations with the funds. But, according to the co-founders, although investors paid attention to this risk, it did not become the basis for the decision: they looked more at the team, its expertise, and its technologies.

The startup plans to make money on a subscription or commission on each transaction: at this stage, the monetization model is still being discussed.

The team plans to spend the raised funds on development, technology and increasing brand awareness.


The Odessa Journal

The Odessa Journal

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