Reservoir, a crypto infrastructure startup that enables token trading for apps across blockchains, has raised $14 million in a Series A funding round.
Union Square Ventures led the round, with participation from Coinbase Ventures, Variant, Archetype, 1kx and others, Reservoir said Wednesday. As part of the deal, Nick Grossman, a partner at Union Square Ventures, joined Reservoir’s board, Reservoir co-founder and CEO Peter Watts told The Block.
Reservoir began its fundraising process in mid-2024 and closed the round earlier this month, Watts said. The round was structured as equity with token warrants, he said, declining to disclose the post-money valuation.
The Series A funding round brings Reservoir’s total capital raised to $26 million. The startup previously raised $10 million in a seed round led by Archetype in late 2022 and $2 million in a pre-seed round led by Variant in 2021, Watts said.
What is Reservoir?
Founded in 2021, Reservoir initially focused on providing infrastructure for integrating non-fungible token (NFT) trading into apps, with notable clients including Coinbase, OpenSea, Magic Eden, MetaMask and Zora. With fresh funding, Reservoir is expanding beyond NFTs to support token trading across all blockchain networks.
“We’re moving towards a world with millions of tokens issued across thousands of chains,” Watts said. “Reservoir’s mission is to enable seamless movement between all of these assets, to unlock powerful new use cases across finance and culture.”
Reservoir’s product suite includes Relay, a bridging and swaps platform for Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains and rollup networks; Reservoir Swap, a decentralized exchange and token API; and Reservoir NFT, an NFT marketplace and API.
Watts said Reservoir’s offerings could be compared to developer platforms like Alchemy and Thirdweb, aggregators such as 1inch and 0x, and bridges including Across and Stargate. However, he argued that Reservoir’s approach is different because it integrates applications, infrastructure and protocols within a single system. Unlike broader developer infrastructure platforms, he said, Reservoir is built specifically for tokens and trading. He also pointed to its design for supporting thousands of chains rather than focusing on a handful of major networks.
Currently, Reservoir has a team of 25 employees, primarily based in the U.S., Watts said. With the new funding, the firm plans to expand to 40 people by the end of the year, hiring across product, engineering, design and go-to-market functions, Watts added.
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