Derived Finance, a decentralized synthetics asset trading platform, has announced 3 3.3 million in funding led by more than a dozen crypto venture capital firms.
Announced Tuesday, Derived Finance has successfully completed a private fund statement that raised $ 3.3 million shortly before launching their initial DEX offer, which was scheduled for October 13. The funds will be used to develop key features of the derivative finance ecosystem, create additional multi-chain solutions and add more synthetic resources to the platform.
The funding round led by GSR attracted some of the biggest names in the crypto venture capital industry and included others including AU21, Poolz, Nabais Capital, Dweb3, Occamfi and Genblock Capital. California-based AU12 Capital and Lisbon-based Crypto VC Nabis Capital also participated in the previous rounds.
“We are grateful to the investors who have placed their trust in us and joined in the fundraising. More than 300 venture funds participated in the fundraising round, raising more than .. 3.3 million, ”said Bharat Verma, chief executive of Derived Finance. “Together we will use the combinations to create Derived Finance, the next generation multi-chain synthetics trading platform.”
Simply put, Derived allows users to trade assets without their ownership or to trade with a reliable and easy track price using their tracking tokens without holding underlying assets. While decentralized, users can trade leverage on both traditional therapeutic and digital assets.
According to the statement, the round of private investors aims to increase the price offers offered by the platform in creating a global decentralized trading of synthetic assets. Derived, a cardano-based platform, is the first type of decentralized multichain DX that allows the transaction of synthetic assets. The platform uses Polcdot’s inter-operability features to provide cross-chain trading services across multiple blockchains, including Ethereum, Polcadot, Cardano, Avalanche, and Beins Smart Chain.
In addition, the platform allows users to leverage its local DVD tokens (launched on an IDO) and USD-stable coins (up to 3X). It allows users to access unique features of digital finance trading such as the ability to create hybrid tokens (in both traditional and digital finance spaces) and binary options, multiple native currency support, 0% slippage and unlimited liquidity to be introduced in the future.
The funds will further the development of multi-chain support systems, which will be important for the platform to work across a variety of crypto ecosystems and to provide effective transaction routes for traders.
Finally, the team is working to deliver multiple traditional therapeutic currencies on the platform with the aim of promoting decentralized money and the global adoption of crypto.