Derived Finance Raises $3.3 Million in a Fresh Round of Funding

Derived Finance Raises $3.3 Million in a Fresh Round of Funding

A multi-chain DeFi initiative, Derived Finance promotes the use of leveraged synthetic assets. Using derived (synthetic) assets, users may own underlying assets/instruments without actually holding them. This allows users to exchange digital and conventional assets in the cryptocurrency markets while remaining in the crypto ecosystem.

Derived will be the first and only platform that enables Leveraged Minting. That implies users may utilize leverage up to 3x and choose the CR they wish to mint synthetic assets. The CR will change depending on the leverage, allowing users to mint according to their risk tolerance. This restores the user’s power and unlocks collateral potential.

The platform is based on Polkadot, allowing for great throughput and efficiency. It is a scalable platform that can be used on many blockchains and platforms. It has several unique features, including Leverage Minting, Hybrid Tokens, and Binary Options. The IDO will be held on October 13-14, 2021.

  • The total number of tokens available is 1,000,000,000.
  • The total number of tokens in circulation is 15,350,000.
  • Initial Market Capitalization: $960K

It raised approximately $3.3 million from over 30 venture capital firms. AU21, Poolz, Nabais Capital, Dweb3, Occamfi, Genblock Capital, and others joined the financing round headed by GSR. The venture companies were excited with Derived’s value proposition and current development progress.

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.”

The funds raised will be used to build crucial Derived Finance functionalities. The team aims to be the first and only multi-chain Synthetics trading platform. Avalanche, Binance Smart Chain, Cardano and Polkadot are now supported. Additional capacity for all significant chains is planned.

Staking incentives for traders is another major attraction, allowing them to earn rewards while trading staked tokens. Derived will handle various currencies, enabling customers to trade in their currency while trading global derivatives.

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