DeFi Derivatives Platform SynFutures Raises $14M in Collection A Funding Led by Polychain

Singapore-based Decentralized finance (DeFi) derivatives exchange-SynFutures introduced Wednesday accomplished a Collection A funding with a complete worth of $14 million.

It’s reported that Polychain Capital led the financing, an organization specialising in investing in cryptocurrency protocols and corporations, and different corporations included Framework, Pantera Capital, Bybit, Wintermute, CMS, Woo, IOSG Ventures adopted up.

Beforehand, SynFutures has obtained a complete of $1.four million backed by Dragonfly Capital and Normal Crypto via seed spherical financing in January. The extra $14 million raised within the A spherical of financing will convey the full undertaking funds as much as $15.four million.

In line with the announcement, this funding will assist launch the principle community and decrease the brink for traders to commerce DeFi derivatives, monetary devices akin to futures contracts or choices. As well as, the fund additionally goals at bettering the buying and selling instruments of assorted merchandise, akin to large-cap cryptocurrencies, altcoins, conventional shares, gold, and indexes, and many others., to make sure that the ability of good contracts supplies customers with probably the most full and secure buying and selling expertise.

SynFutures CEO Rachel Lin stated that:

“We’re aiming to stage the enjoying area for the typical investor by cultivating a free and open marketplace for derivatives buying and selling.”

The funds will endorse SynFutures to create new merchandise and add new options to its derivatives buying and selling platform.

SynFutures is at the moment getting ready an auto-one-click answer known as “Auto-Hedger”, which can assist customers hedge the impermanent loss threat they face when taking up totally different DeFi AMM buying and selling platforms. Extra capabilities might be added, together with computing energy derivatives and cross margining.

SynFutures revealed that:

“By way of this funding, we will now hold creating our techniques for the expansion of the derivatives market and introduce capabilities that can enhance person experiences. Extra importantly, we sit up for working with our traders to assist in accelerating our improvement course of.”

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