Trading venue ‘dYdX’ has raised $10 Mln within a Series B funding round led by Three Arrows Capital & DeFiance Capital.
The platform, launched earlier in 2017, offers a selection of decentralized trading products along with both Bitcoin [BTC, -6.90%] as well as Ethereum [ETH, -8.77%] derivatives. The San Franciscoc-based startup plans to use the funds to extend its product offering, further decentralize its platform and increase its presence in China, consistent with a recent official web-blog post shared.
“dYdX was the primary [decentralized finance] application I ever used and that i am elated to possess the prospect to take a position in [it] today,” Three Arrows Capital co-founder Su Zhu added within an official statement.
Three Arrows was joined by a lengthy roster of cryptocurrency investors within the Series B, along with Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group and RockTree Capital. The round was also joined by earlier Series A investors Andreessen Horowitz, Polychain Capital & Coinbase co-founder Fred Ehrsam, among others.
The trading platform has had a gangbusters year with trading volumes across spot, margin along with perpetual contracts jumping fortyfold – from $63 Mln in 2019 to $2.5 Bln earlier in 2020, the firm added.
Margin and spot trading made up the lion’s share of that activity clocking in at $1.9 Bln for the year. The startup released its BTC and ETH perpetual products – which operate similarly to a derivative instrument but without a group expiry date – in May and August 2020, respectively.
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