Derived Finance Successfully Completed $3.3M Funding Round
CryptocurrencyOct 12, 2021 09:30AM ET
Derived Finance proudly announced that it has completed its $3.3M Funding Round.
The $3.3M was raised among 30 venture funds.
Big crypto firms like GSR, AU21, Pools, etc. led and participated here.
The multi-chain synthetics trading platform, Derived Finance, has completed its funding round. The funding round, moreover, raised around $3.3M across more than 30 venture funds. More so, big companies in the crypto industry participated, led by GSR, along with AU21, Poolz, Nabais Capital, Dweb3, Occamfi, Genblock Capital, and many others.
Derived Finance takes its name from 'derived' (or synthetic) tokens, which represents real tokens, stocks, and assets. In detail, it allows traders to own the tokens without holding the underlying asset. Also, it allows assets with reliable or easily trackable prices to be traded using derived tokens. Particularly, the advantage of using derived tokens is it gives the users exposure to assets. Similarly, this gives them the ability to trade both digital and traditional assets in a decentralized blockchain ecosystem.
Commenting on the success of the funding round, Derived Finance CEO, Bharat Verma noted,
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. Together we will use the synergies to build Derived Finance, which is the next-gen Multi chain Synthetics Trading Platform.
Furthermore, the venture firms that participated are all enthusiastic about the value proposition of Derived; including its progress and development.
All the funds that were raised will help develop the key features of the Derived Finance platform. Through Multi-chain Support, the platform will be able to operate across a wide range of crypto ecosystems. These ecosystems include Polkadot, Ethereum, Binance Smart Chain, Cardano, and Avalanche. In addition, the team also plans to add major chains in the future and to be the first and only multi-chain synthetics trading platform.
Apart from this, another key feature of the platform is staking rewards. To note, this enables the users to receive rewards and at the same time, use the staked token on the platform.
In conclusion, the team says it wants to support the global market. Derived Finance will support multiple currencies and allow users to trade in their native currency, while also trading global derivatives.
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