[PRESS RELEASE – Delhi, India, 12th October 2021]
Derived Finance, a Multi-Chain Synthetics Trading Platform for Cryptocurrencies, has successfully closed a funding round, raising over $3.3 million from more than 30 venture capital funds. The round was led by GSR, and included AU21, Poolz Capital, Nabais Capital Occamfi and Genblock Capital among others.
Venture firms that participated were excited about Derived’s value proposition and the progress made in its development. Derived’s core name is derived tokens (or synthetic tokens), which represent real tokens or stocks. The derived tokens allow traders to trade the assets without the need to own the underlying asset. Any asset that has a reliable and trackable price can also be traded with them. Users can use derived tokens to gain access to the assets. This gives them leverage to trade digital and traditional assets while remaining in a decentralized blockchain ecosystem.
Bharat Verma (CEO of Derived Finance) said, in response to the successful financing round: “We are grateful to all the investors that reposed faith in us, and joined the fundraiser. Over $3.3 million was raised by more than 30 Venture funds.
He said, “Together, we will use the Synergies to Build Derived Finance which is the Next-Gen Multi chain Synthetics Trading Platform.”
The Derived Finance platform will be enhanced with key features thanks to the funding. Multi Chain Support is key to enable the platform to work across many crypto ecosystems. The team intends to be the first and foremost multi-chain Synthetics trading portal. There are currently five supported ecosystems: Avalanche (Polkadot), Ethereum, Binance Smart Chain and Cardano. Future plans include additional capacity for all major chains. Another key benefit is the possibility to stake rewards for traders. You can still use your staked token to trade on Derived. Derived will be able to support global markets by supporting multiple currencies. Users can trade in their native currency and also trade on global derivatives.
About Derived Finance
Derived, a Multi-Chain Synthetics Trading Platform, is using the Polkadot interoperability feature to make it available across Blockchains. Leveraged minting is possible on the Derived platform, up to 3x for its users.
Derived will be the first platform to allow users to trade Hybrid Tokens. It also allows access to unique features such as Binary Options, multiple native currency support, binary options, unlimited liquidity, and 0% slippage dex. The IDO will take place on the 13th and 14th October 2021.
Marla Brooks – Financial Analysis
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