Derived Finance, a pioneer multi-chain synthetics trading platform has announced the successful completion of a $3.3 funding round from over 30 venture funds.
According to the official press release on October 12, the funding round was led by GSR alongside prominent investors in the crypto ecosystem. Other notable venture funds that participated in this funding round include Genblock Capital, Occamfi, Dweb3, Nabais Capital, Poolz and AU21.
The investors in the Derived funding round were particularly enthusiastic about the fundamental value proposition of the project. At the core, Derived Finance introduces a multi-chain asset protocol that allows users to trade synthetic assets. This means that Derived users can trade various synthetic assets representing commodities, stocks, forex, and digital currencies.
Like traditional derivatives, Derived’s native token exposes traders to underlying assets without necessarily owning or holding any of the assets. However, unlike traditional derivative markets, the Derived synthetics trading platform is built on a decentralized blockchain architecture, which means that anyone can trade synthetic assets on the platform.
Derived’s CEO Bharat Verma commented on the successful funding round, noting that,
“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.” added Verma.
Besides exposure to synthetic assets, this multi-chain synthetics trading platform features advanced functionalities such as leveraged minting; users can access up to 3x leverage by minting xUSD (Derived’s native USD). In addition, Derived users will be able to buy hybrid tokens, access binary options and trade through multiple native currencies.
With Derived set to launch its smart contracts, the funding will go a long way in building more features for its multi-chain synthetics trading platform. The project plans to expand its multi-chain infrastructure by supporting major chains, including Ethereum, Polkadot, Cardano, Binance Smart Chain and Avalanche.
Derived is also launching its Initial Dex Offering (IDO) that will kick off on October 13. The project will feature a dual IDO, hosting one on the OccamRazer launchpad and the other on the Poolz cross-chain IDO platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.