Derived Raises $3.3 Million to Build a Decentralized Synthetic Assets Platform

News BTC

Derived Finance, a decentralized synthetics assets trading platform, announced a $3.3 million funding round led by over 30 crypto venture capital firms.

Announced Tuesday, Derived Finance successfully completed a private funding round raising over $3.3 million shortly before launching their initial DEX offering, slated for October 13th. The funding will be used to develop key features for the Derived Finance ecosystem, build additional multi-chain solutions, and add more synthetic assets to the platform.

How To Get Free Crypto  

The funding round attracted some of the biggest names in the crypto venture capital industry led by GSR and included AU21, Poolz, Nabais Capital, Dweb3, Occamfi, and Genblock Capital, among others. California-based AU12 Capital and Lisbon-based crypto VC Nabis Capital also participated in earlier rounds.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“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,” Bharat Verma, CEO of Derived Finance. “Together we will use the synergies to build Derived Finance, which is the next-gen Multi chain Synthetics Trading Platform.”

Simply put, Derived allows users to trade assets without owning them or holding the underlying asset allowing them to trade with a reliable and easy-to-track price using derived tokens. Users can trade on leverage on both traditional and digital assets while remaining decentralized.

According to the statement, the private investors in the round aim at growing the value propositions the platform offers in building the global decentralized trading of synthetic assets. Derived, a Cardano-based platform, is the first-of-its-kind decentralized multichain DEX that allows trading of synthetic assets. The platform leverages the interoperability qualities of Polkadot to provide cross-chain trading services on multiple blockchains including Ethereum, Polkadot, Cardano, Avalanche, and Binance Smart Chain, etc.

Coinbase Banner  
Get 110 USDT Futures Bonus for FREE!

Additionally, the platform allows users to leverage (up to 3X) staking of its native DVD token (launched in an IDO) and minting of USD-stablecoins. It also allows users access to unique features in digital finance trading such as the ability to create Hybrid Tokens (both in the traditional and digital finance space) and access to features like binary options, multiple native currency support, 0% Slippage, and unlimited liquidity with other features set to launch in the future.

The funds will further the development of multi-chain support systems, which will be key for the platform to operate across a wide variety of crypto ecosystems and provide efficient transaction routes for traders.

Finally, the team is working on offering multiple traditional currencies on the platform with an aim to promote the global adoption of decentralized finance and crypto.

Go to Source
Author: NewsBTC


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.