Derived Raises $3.3 Million to Build a Decentralized Synthetic Assets Platform
October 12 2021 - 12:26PM
NEWSBTC
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.
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