Place/Date: Delhi, India - October 12th, 2021 at 1:00 pm UTC · 3 min read
Contact: Derived Finance, Source: Derived Finance
Derived Finance, a Multi-Chain Synthetics Trading Platform, successfully completed a funding round that raised over $3.3 Million across more than 30 venture funds. Some of the biggest firms in crypto investment participated in the funding round, led by GSR and including AU21, Poolz, Nabais Capital, Dweb3, Occamfi, Genblock Capital, among others.
The venture firms participating were enthusiastic about the value proposition of Derived, as well as the development progress made to date. At its core, Derived takes its name from derived (or synthetic) tokens, which are representative of real tokens, stocks, or assets. This allows traders of the assets to own them without having to hold the underlying asset, and any asset with a reliable or easily trackable price can be traded using derived tokens. The benefit of using derived tokens is that users can gain exposure to the assets, providing leverage to trade both digital and traditional assets while still staying in a decentralized blockchain ecosystem.
Bharat Verma, CEO of Derived Finance, said in response to the successful funding round:
“We are thankful to all the investors who reposed their faith in us and joined the fundraiser. More than 30 Venture funds participated in the funding round, with over $3.3 million raised. Together we will use the synergies to build Derived Finance, which is the next-gen Multi chain Synthetics Trading Platform.”
With the funds raised, key features are being developed for the Derived Finance platform. Multi Chain Support will be key for the platform to operate across a wide variety of crypto ecosystems, and the team plans to be the first and only multi-chain Synthetics trading platform. The current lineup of supported ecosystems includes Polkadot, Ethereum, Binance Smart Chain, Cardano, and Avalanche, with additional capacity planned for all major chains in the future. Staking rewards for traders is another key draw, with the ability to receive rewards while still able to use the staked token to trade on the platform. To support the global market, Derived will support multiple currencies, allowing users to trade in their native currency while being able to trade on global derivatives.
Derived is a Multi-Chain Synthetics Trading Platform that is leveraging the interoperability features of Polkadot to make the platform available across Blockchains. The Derived platform allows leveraged minting (up to 3x) to its platform users.
Derived will also be the first platform that would allow its user unique features like the ability to create and trade Hybrid Tokens and allow access to features like Binary Options, Multiple native currency support, 0% Slippage Dex with Unlimited liquidity among many others. The IDO will be conducted on 13th and 14th of October 2021.
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