Derived Finance, a decentralized synthetics assets trading platform, announced a $3.3 million funding round led by over 30 crypto venture capital firms.
Announced Tuesday, Derived Finance successfully completed a private funding round raising over $3.3 million shortly before launching their initial DEX offering, slated for October 13th. The funding will be used to develop key features for the Derived Finance ecosystem, build additional multi-chain solutions, and add more synthetic assets to the platform.
The funding round attracted some of the biggest names in the crypto venture capital industry led by GSR and included AU21, Poolz, Nabais Capital, Dweb3, Occamfi, and Genblock Capital, among others. California-based AU12 Capital and Lisbon-based crypto VC Nabis Capital also participated in earlier rounds.
“We are thankful to all the investors who reposed their faith in us and joined the fundraiser. More than 30 Venture funds participated in the funding round, with over $3.3 million raised,” Bharat Verma, CEO of Derived Finance. “Together we will use the synergies to build Derived Finance, which is the next-gen Multi chain Synthetics Trading Platform.”
Simply put, Derived allows users to trade assets without owning them or holding the underlying asset allowing them to trade with a reliable and easy-to-track price using derived tokens. Users can trade on leverage on both traditional and digital assets while remaining decentralized.
According to the statement, the private investors in the round aim at growing the value propositions the platform offers in building the global decentralized trading of synthetic assets. Derived, a Cardano-based platform, is the first-of-its-kind decentralized multichain DEX that allows trading of synthetic assets. The platform leverages the interoperability qualities of Polkadot to provide cross-chain trading services on multiple blockchains including Ethereum, Polkadot, Cardano, Avalanche, and Binance Smart Chain, etc.
Additionally, the platform allows users to leverage (up to 3X) staking of its native DVD token (launched in an IDO) and minting of USD-stablecoins. It also allows users access to unique features in digital finance trading such as the ability to create Hybrid Tokens (both in the traditional and digital finance space) and access to features like binary options, multiple native currency support, 0% Slippage, and unlimited liquidity with other features set to launch in the future.
The funds will further the development of multi-chain support systems, which will be key for the platform to operate across a wide variety of crypto ecosystems and provide efficient transaction routes for traders.
Finally, the team is working on offering multiple traditional currencies on the platform with an aim to promote the global adoption of decentralized finance and crypto.
Credit: Source link
