Headquarters in Singapore Decentralized financing (DeFi) Derivatives exchange SynFutures announced on Wednesday that it closed a Series A financing with a total value of $ 14 million.
It is reported that Polychain Capital led the financing, a company specializing in investing in cryptocurrency protocols and companies, and was followed by other companies such as Framework, Pantera Capital, Bybit, Wintermute, CMS, Woo and IOSG Ventures.
Previously, SynFutures received a total of $ 1.4 million in seed funding in January backed by Dragonfly Capital and Standard Crypto. The additional $ 14 million raised in the A funding round will bring the total project funding to $ 15.4 million.
According to the announcement, this funding will help kick-start the main network and lower the threshold for investors to trade DeFi derivatives, financial instruments such as futures or options. In addition, the fund also aims to improve the trading instruments of various products such as large-cap cryptocurrencies, altcoins, traditional stocks, gold and indices, etc., to ensure that the smart contracts power is the most complete for users and stable trading experience .
Rachel Lin, CEO of SynFutures, said:
“We aim to level the playing field for the average investor by maintaining a free and open market for derivatives trading.”
The funds will support SynFutures to develop new products and add new functionality to its derivatives trading platform.
SynFutures is currently preparing an auto-one-click solution called “Auto hedger “that helps users who transient risk of loss that they face when adopting various DeFi AMM trading platforms. More features will be added, including compute derivatives and cross-margining.
SynFutures has shown that:
“With this funding, we can now evolve our systems to grow the derivatives market and introduce features that improve the user experience. More importantly, we work with our investors to accelerate our development process.”
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