THELOGICALINDIAN - Paradigm led the DeFi exchanges Series C accession
Another mega-raise in the crypto space. This time, dYdX is the almsman of an eight-figure sum.
dYdX Shares Plans for Growth
dYdX has aloft $65 actor in a Series C allotment annular led by Paradigm, the activity announced Tuesday.
Other participants included accomplished investors Andreessen Horowitz, Polychain Capital, Three Arrows Capital, and Wintermute. In a blog post, the barter said that the accession apparent an “important milestone” that would acquiesce the aggregation to advance a abiding action and advance clamminess on its exchange.
Several cardinal investors, including clamminess providers QCP Capital, CMS Holdings, CMT Digital, Finlink Capital, Sixtant, Menai Financial Group, MGNR, Kronos Research, adventure basic firms HashKey, Electric Capital, Delphi Digital; and the Ethereum ascent band-aid StarkWare additionally abutting the round. The accession follows a January Series B annular led by Three Arrows Basic and DeFiance Capital, admitting that one was abundant abate at alone $10 million.
dYdX is a decentralized barter congenital on Ethereum. It allows users to barter abiding swaps, which are a anatomy of futures arrangement with no accomplishment date. The barter recently launched on Ethereum’s Layer 2 with StarkWare, and it’s the aboriginal decentralized belvedere to action cross-margin trading (the cross-margin affection allows traders to allotment accessory beyond accounts to absolute the accident of liquidation).
In the advertisement of the raise, Wintermute architect and CEO Evgeny Gaevoy said:
“dYdX is beat Layer 2 DEX trading with their new belvedere based on StarkWare’s StarkEx scalability engine. It offers decentralization and non-custodial trading of abiding futures after any of the drawbacks that agnate solutions on Layer 1 Ethereum face.”
dYdX accepted that it would use the funds to decentralize the protocol, action new assets and features, barrage a adaptable app, accomplice with teams bridging CeFi and DeFi, advance in advance markets, and accomplish new hires.
Since launching, dYdX’s Layer 2 agreement has candy $2.2 billion in trading volume. It contains about $40 actor in absolute amount locked.
Disclosure: At the time of writing, the columnist of this affection endemic ETH, ETH2X-FLI, and several added cryptocurrencies.
