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Multichain trading platform Derived Finance raised more than $3.3 million in a funding round, in which over 30 venture capital funds participated, including big names like Genblock Capital, AU21, Dweb3, Nabais Capital, and Poolz. The round was led by GSR.
The benefits of ‘derived’ tokens
The participating venture capital firms expressed enthusiasm about the company’s development progress and value proposition. It’s named after derived (or synthetic) tokens, which represent real stocks, tokens, or assets. This makes it possible for asset traders to gain ownership of the tokens without having to hold the underlying asset.
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They can also trade any asset with a price that’s reliable or easy to track using derived tokens. The benefits of this include asset exposure for users as well as the fact that leverage can be provided to trade digital as well as conventional assets in the safety of a decentralized blockchain ecosystem.
After the highly successful round, Bharat Verma, CEO of Derived Finance, commented:
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.
Key features in development moving forward
The funding round will enable Derived Finance to develop key features for its platform. One such feature is multichain support. This will make it possible for the platform to operate across a vast range of crypto ecosystems. It has set itself the lofty goal of being and remaining the first and only multichain synthetics trading platform.
Ethereum, Cardano, BSC supported; more chains coming soon
Among the ecosystems supported are Ethereum (ETH/USD), Binance Smart Chain, and Cardano (ADA/USD). The platform plans extra capacity for all major chains in the future. Another aspect is staking rewards. Traders can get rewards while using the staked token to transact on Derived Finance.
The platform will make various currencies available to support the global market, enabling users to trade on global derivatives in their native currency.