Decentralized derivatives exchange dYdX has raised $10 million in Series B funding. Three Arrows Capital and DeFiance Capital led this round of funding, the company said in an announcement Tuesday morning. Andreessen Horowitz, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil and […]
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Via Glassdoor
Decentralized derivatives exchange dYdX has raised $10 million in Series B funding.
Three Arrows Capital and DeFiance Capital led this round of funding, the company said in an announcement Tuesday morning. Andreessen Horowitz, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil and Fred Ehrsam also participated as existing investors.
Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital joined the raise as new investors. This round brings dYdX’s total funding to $22 million to date.
Decentralized exchanges allow two parties to securely trade digital assets without an intermediary or centralized agency. dYdX runs on audited Ethereum smart contracts.
The four-year-old dYdX supports perpetual contracts – which are like futures contracts without an expiration date – spot and margin trading. Its cumulative trade volume has passed$3.5 billion since the beginning of this year, up from a reported $2.5 billion last year and $63 million in 2019.
dYdX, which is based in San Francisco, plans to use the new funding to grow its platform, form infrastructure partnerships and expand its footprint to Asian markets. It’s heavily focused on China but will also expand in Korea, Japan and Singapore, David Gogel, dYdX’s head of growth, told BlockWorks.
The company also plans to hire more engineers, designers and business operators.
It currently has about 38,500 users as of Dec. 31, which it identifies as unique wallets depositing funds into dYdX’s smart contracts.
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