Place/Date: - March 23rd, 2021 at 8:09 am UTC · 3 min read
Contact: Dorji Rabten, Source: Beyond Finance
Beyond Finance, a decentralized platform for creating and trading synthetic financial products, has announced a $7.5-million round of fundraising from leading blockchain funds, including Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital, and more. The announcement comes after the company raised the funds simply by word of mouth over the past few weeks, without any advertising in the lead-up to its initial DEX offering scheduled for early April.
Beyond Finance is building a robust decentralized platform and protocol dedicated to helping institutions, small and medium-sized enterprises, and individuals to create and trade synthetic products. Using Beyond Finance, users can use the company’s synthetic product trading platform to get access to a wide range of traditional assets – all in a transparent and decentralized user experience. Users will be able to access synthetic products by staking Beyond’s native token, BYN, investing directly in the assets, trading other synthetic assets, and loaning Ether (ETH) in exchange for synthetic tokens.
Dorji Rabten, head of operations at Beyond, said: “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry. Currently, accessing synthetic products can be challenging, and many offerings have critical flaws that create trust issues within various ecosystems. Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”
With a team comprising alumni from top companies, such as Goldman Sachs, Barclays, Deutsche Bank, Franklin Templeton, Credit Suisse, Citi, and more. Beyond’s mission is to bring decentralized finance and synthetic assets to a global population who currently does not have access and or does not know how to use these products. The potential of converting a fraction of this population implies the possibility of onboarding millions of new people into the DeFi ecosystem, as well as billions of dollars of new capital.
The team plans on using the funds raised to scale the platform, onboard new developers, and provide support for the upcoming BYN token launch, which will help incentivize and attract users to the platform. Beyond’s IDO is tentatively scheduled for early April, which will allow community members to participate in the company’s public token sale. More details will be released closer to the date on Beyond’s official channels.
Beyond is a decentralized platform for creating and trading synthetic financial products designed to suit the needs of the synthetic creator. These synthetic products can be made to track prices of underlying assets, such as currencies, commodities, stocks, exchange-traded funds and more. Each synthetic product can be made to represent $1 or more complex products, such as leveraged/inverse ETFs.
These synthetic products are governed by the Beyond protocol and collateralized by BYN tokens. Deep liquidity is created for synthetic products through our automated market maker that is built on our protocol. Bid/ask orders can also be used on the trading interface for controlled trading orders. BYN token holders are incentivized to stake and provide liquidity to the synthetic products, as it allows the token holders to be rewarded with additional BYN tokens.