Derived Finance just completed a $3.3 million funding round in which over 30 venture funds participated. The Multi-Chain Synthetics Trading Platform was supported by leading crypto investors such as Nabais Capital, Occamfi, Genblock Capital, Dweb3, among others.
The participating venture capital firms were excited about Derived Finances’ revolutionary services and their progress towards achieving their goals. The Derived name comes from derived (or artificial) tokens, representing actual tokens, assets, or stocks.
Traders can own and trade the derived assets without having to hold the underlying assets. One advantage of using derived tokens is that users are exposed to the assets and can trade digital and traditional assets using leverage while still in a decentralized blockchain ecosystem.
“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.”
Derived Finance’s CEO, Bharat Verma
The Derived Finance platform will develop multiple crucial features using the funds raised. The firm wants to use MultiChain Support to facilitate operations in various crypto ecosystems, and the team wants to be the pioneer multi-chain Synthetics trading platform.
Derived Finance currently supports Ethereum, Avalanche, Binance Smart Chain, Cardano, and Polkadot and plans to include all significant chains soon.
Rewarding traders for staking their tokens is another key attraction, receiving awards while using the staked token to trade on the platform. Derived Finance will support several currencies globally, allowing users to trade on global derivatives in their native currency.