Multi-Chain Synthetics Trading Platform, Derived Finance has just announced the successful completion of its funding round.
Per the announcement, over 30 venture funds including large firms in a crypto investment like GSR, AU21, Poolz, Nabais Capital, Dweb3, Occamfi, Genblock Capital, and many others participated in the funding round and this saw it raising over $3.3 Million.
The CEO of Derived Finance, Bharat Verma, commented on the event while expressing his delights on the successful completion of the funding round saying;
“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 team behind the platform revealed plans to make Derived Finance the first and only multi-chain Synthetics trading platform, with further plans to operate across a wide variety of crypto ecosystems.
The platform would utilize raised funds and the intended support from ecosystems like Polkadot, Ethereum, Binance Smart Chain, Cardano, and Avalanche to make further progress in achieving the goals of the platform.
“Together we will use the synergies to build Derived Finance, which is the next-gen Multi chain Synthetics Trading Platform,” Verma said.
Furthermore, Derived Finance will begin to provide users with the ability to receive rewards while still able to use the staked token to trade on the platform.
Following its plans to support the global market, Derived will feature multiple currencies on its platform, and allow users to trade in their native currency while being able to trade on global derivatives.
It further revealed that it would conduct its Initial Dex Offering (IDO) on the 13th and 14th of October 2021.
