dYdX raises $10M Series A led by a16z crypto and Polychain Capital
We’re excited to announce that dYdX has raised a Series A round led by Chris Dixon at a16z crypto and Olaf Carlson-Wee at Polychain Capital.
Additionally we’re grateful for the continued support from Abstract Ventures, Kindred Ventures, 1confirmation, Elad Gil and Fred Ehrsam. We also welcome new investors: Craft Ventures, Bain Capital Ventures, Naval Ravikant, Kevin Hartz, Dragonfly Capital and VY Capital.
This is a big milestone for the dYdX team. Derivatives and margin trading are exciting use cases for blockchain technology and we’re thrilled to be building a core component of the emerging decentralized financial system.
dYdX enables open, efficient and secure financial products on cryptoassets. We recently launched our Margin Trading Protocol, and expo, an application that gives users access to Short and Leveraged tokens. This is just the beginning — we’ll use the additional capital to:
- Continue to add new assets and features to expo and the Margin Trading Protocol
- Build new protocols for additional types of financial products including options
- Work with strategic partners to grow decentralized margin trading and derivatives
- Design and build a regulation-compliant approach towards building decentralized financial products
- Continue to hire world-class engineers, designers, and business operators
Thanks to all for your support and feedback so far! If you’re excited about what we’re building at dYdX and want to join the team, please reach out to us at firstname.lastname@example.org. We’d love to hear from you!