GlobeDX, a cryptocurrency derivatives exchange, announced it had completed its funding round, raising $18 million from prominent blockchain investors.
GlobeDX’s funding round saw the participation of various key players, including Draper Dragon, Republic Crypto, OKEx, Y Combinator, Pantera Capital, CMT Digital, and Wave Financial.
While commenting on the funding round, GlobeDX CEO James West stated:
“We’re working closely with our investors and strategic partners to bring innovative products for our traders on Globe. Trading DeFi perpetual on an exchange built by trad-fi veterans will be a whole new experience for crypto traders.”
With the newly found funding, the exchanges hope to complete their works of creating a leading in-class derivative trading platform. The funding will also enable the exchange to launch the platform next month as scheduled. The new platform will help the exchange make the cryptocurrency industry more accessible to mainstream users. The platform also hopes to drive down the existing barriers that users, both new and existing, face when entering the crypto space. This funding round adds to a $3 million seed round completed last year in November.
Currently, the platform allows the trading of options and perpetual futures contracts in BTC, ETH, and numerous DeFi tokens. The DeFi tokens on the exchange have up to 100x leverage. Notably, GlobeDX leverages its partnerships with other exchanges, including Hotbit and MXC, for liquidity and access to perpetual futures with Bitcoin collateral. West added:
“Built by trad-fi veterans, Globe has built the infrastructure to support cutting edge financial products such as the VIX perpetual. This opens up new trading strategies much needed in the industry, and we look forward to continuing this trend to build a world-class trading community on our exchange.”
Note, the team has made careful consideration in ensuring the exchange is appealing to advanced cryptocurrency users while also providing a solid foundation for learning traders.
GlobeDX’s platform will use the DGT token (the native token on GlobeDX) for various roles, including discounted trading fees and platform development. Users will also earn Globe Rewards boosts by staking GDT on the platform. The token will also be used as a margin for trading pairs.
GlobeDX has scheduled a public sale for Globe Derivative Token (GDT), a native token on the platform. The token sale will start on April 30 and run till May 3, 2021. As per data on its website, GDT has a total supply of 400 million tokens.