We are pleased to announce that we have successfully raised $14M through our Series A funding round. This is our latest investment round that follows our January $1.4 Million seed round from Dragonfly Capital and Standard Crypto, bringing the project’s total funding to $15.4 million.
The funding round was led by a star-studded list of institutional, individual, and project investors that include:
- Polychain Capital
- Pantera Capital
- IOSG Ventures
Investment to Help Accelerate SynFutures Development
This new funding will help us gear up for the mainnet launch that will give our users and any other interested party a chance to list and trade futures for both cryptocurrencies and assets with price feeds. The funding is also meant to help us lower the entry barriers for investors interested in the derivatives market by ensuring they have at their disposal tools to trade freely. Our set of tools enable users to trade various assets like large-cap cryptocurrencies, altcoins, traditional equities, gold, and indices among others.
Looking at the magnitude of this funding sheds light on how much confidence investors have in us and our plans to democratize the derivatives sphere. This Series A round also served as a learning point for us, because now we know that investors share our dream of democratizing the derivatives market, and with their support, this will become a reality.
Through this funding, we can now keep developing our systems for the growth of the derivatives market and introduce functions that will improve user experiences. More importantly, we look forward to working with our investors to help in accelerating our development process. We are keen to leverage their expertise, connections and networks to enhance our capabilities bringing us closer to achieving our vision.
A Bright Future Ahead
This new funding comes at the right moment when we are onboarding users in closed alpha as we ready the platform for a public release this coming month as part of its mainnet launch. We are also geared towards releasing innovative new products that ensure the users’ trading experience remains robust.
Hash Rate Futures is one of these products and it is the world’s first fully decentralized hash rate derivative through which users can speculate or hedge on Bitcoin’s mining difficulty. We also have Auto-Hedger in the pipeline that will give our users a one-click solution for hedging the impermanent loss risk they face when staking in different DeFi AMM trading platforms. We are also set to release the cross margining feature in our platform, which offsets positions to spread and reduce margin requirements.
We will keep our community informed of these developments that are down in our roadmap, so join us in this exciting journey as we chart the path for the future of finance.
SynFutures is an open and trustless derivatives market that is quickly transforming the DeFi space. SynFutures main aim is democratising the futures market by enabling traders to participate in a free and open environment according to their preferences.
The platform empowers users to trade any kind of assets using different strategies and by their own terms. Users can set their own futures contracts by adding select pairs, choosing maturity dates, and positions among many other parameters in a completely trustless and permissionless environment.
In this respect, SynFutures is serving as a gateway towards the future of investing by providing users with the tools to trade in the derivatives market under their own terms through the power of smart contracts.