6:00 (UTC -8:00), August 16, 2021 — xFarmer, a leading crypto-based DeFi analytics utility, today announced that it will now be wholly acquired by Summit Ventures, a leading early-stage crypto venture capital firm based in Menlo Park, CA., in exchange for an undisclosed sum. Following the acquisition, Summit Ventures will own xFarmer’s equity shares and have two seats on the board of directors. xFarmer founder Siddarth Chandra will now transition to the CTO role and dedicate more of his time to product development. Jody Radack will now act as xFarmer’s newly appointed CEO. Radack has had extensive experience with crypto markets, blockchain infrastructure, and digital marketing.
The acquisition points to the strong value of xFarmer’s community-focused ecosystem, which aims to educate the broader public about the DeFi space. xFarmer’s mobile app and platform offers a breadth of advanced trading tools and packages them into an easy-to-use, secure product for traders of all levels to operate.
“Summit Ventures’ resources will not only help improve product usability and technical innovation, but also help us reach a larger, mainstream audience, enabling us to reach our goal of making DeFi more accessible to the world,” xFarmer Founder Siddarth Chandra stated.
xFarmer’s all-in-one app has seen a consistent flow of accelerated growth and user adoption. xFarmer streamlines the transition from web-based DEXes to mobile DEXes and consolidates the essential functions all in one place. Users can create cross-chain wallets, add liquidity, process DEX swaps/trades instantly, and use a wide range of different trading indicators.
The number of users on the platform is also growing rapidly, with users on the xFarmer mobile app averaging 1.38 hours of usage time each time they open the app. The platform boasts 150,000 total mobile downloads, 60,000 monthly active users (MAU), and 28,600 daily active users (DAU).
The xFarmer team continues to optimize platform features and is exploring additional applications to provide users with a more streamlined and extensive all-in-one DeFi super tool. This will enable xFarmer to reach a new stage of its business model and technological development.
“We hope that this new friendship and synergy will take xFarmer to new levels of development. It will enable us to improve technical support, user experience, and most importantly, public access to all of the unique digital assets that DeFi has to offer,” said newly appointed CEO Jody Radack.
About xFarmer
xFarmer is a leading crypto-based analytics utility and platform that aims to educate the broader public about the DeFi space. xFarmer’s decentralized exchange DEX offers a breadth of advanced trading capabilities and packages them into an easy-to-use secure product for traders of all levels to easily understand and operate. On xFarmer, users can create cross-chain wallets, access a wide variety of digital assets from different platforms, improve liquidity, instantly process DEX swaps/trades, and use a wide range of trading indicators.
About Summit Ventures
Summit Ventures (SV) believes that success occurs with the all-encompassing synergy of ideas and people. SV serves to act as this bridge. Founded in 2017, Summit Ventures is a cross-border investment fund that aims to enable growth for some of the most innovative technologies or ideas around the world. With members in offices distributed across the globe, SV hopes to capture diverse perspectives that are not limited to certain regions or borders. SV aims to share ideas with leaders who have extensive backgrounds from industries such as software, Internet of Things, Mobile Apps, Gaming, Blockchain, Fintech, and the shared economy. With fin-tech and blockchain as the foundation, SV will explore how these applications can be best utilized in all industries.
