dYdX raises $10 million in series B funding round led by Three Arrows Capital and DeFiance Capital
The decentralized derivatives exchange dYdX announced on Jan. 26 that it has raised $10 million in a Series B funding round led by Three Arrows Capital and DeFiance Capital with support from new and existing investors.
Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital are the new investors that participated in the funding round while a16z, Polychain Capital, Kindred Ventures, Confirmation, Elad Gil, Fred Ehrsam, and other existing continued supporting the exchange.
“We’re excited to announce that dYdX has raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital,” wrote the exchange in a blog post.
With a war chest of fresh funding, the exchange is planning to i) decentralize more parts of its stack and give users more control, ii) add new asset and features to its perpetuals contracts, iii) partner with players at the forefront of bridging the gap between centralized and decentralized finance, iv) expand its Asian footprint especially in Greater China, and v) acquire the services of world-class engineers, business operators, and designers.
Record Year
The exchange is building a set of products that empowers traders to mitigate their risks, allocate capital more efficiently and express more complex opinions on price and volatility.dYdX hit several records in 2020 including a-40x increase in total cumulative trade volume ($2.5 billion) across perpetuals, sport, and margin trading. The exchange has already reached a total cumulative trade volume of more than $1.3 billion since the beginning of this year.
The trading platform recently hired Yiran Tao, its first international employee tasked with driving growth in China.
DeFiance Capital founder Arthur Cheong labeled dYdX as one of the most successful projects in DeFi. dYdX was founded in July 2017 by Antonio Juliano, a former Coinbase and Uber engineer.
“Antonio and the team have built a solid foundation for dYdX as one of the earliest and most successful DeFi protocols. We have been users since the early days and are excited to back dYdX in the current round to accelerate its mission to build the most powerful decentralized trading platform for cryptoassets,” said Cheong.
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