SynFutures, the decentralized derivatives exchange specializing in crypto perpetual futures, has successfully raised $22 million in a Series B funding round, with Pantera Capital leading the charge. This latest funding is poised to propel the platform into new heights, marking a significant milestone in its growth journey.
Series B Success
Pantera Capital spearheaded the Series B funding, and SynFutures expressed its gratitude for the participation of other key players such as HashKey Capital, SIG DT Investments (a unit of the Susquehanna International Group), and additional investors who contributed to this round. Although the company refrained from commenting on the valuation and structure of the round, it's clear that the Series B is a crucial step in SynFutures' evolution.
SynFutures' Growth Trajectory
The company commenced its Series B fundraising efforts last year and recently concluded the round, securing a total of $22 million in investments. This capital injection significantly bolsters SynFutures' financial resources, allowing the platform to pursue its ambitious goals and further expand its presence in the crypto derivatives market.
Native Token in the Works
Co-founder and CEO of SynFutures, Rachel Lin, expressed the platform's openness to launching a native token in the future. However, the decision hinges on market conditions and regulatory considerations. This forward-looking approach demonstrates the platform's commitment to exploring innovative avenues within the crypto space.
Previous Funding and Milestones
SynFutures' Series B round comes on the heels of its Series A round, which successfully raised $14 million in June 2021. The total funding accumulated to date now stands at approximately $38 million, highlighting the sustained support and interest in the platform's offerings.
About SynFutures
Launched in 2021, SynFutures is a decentralized exchange tailored for trading crypto perpetual futures. These futures provide traders with the opportunity to speculate on the future price of cryptocurrencies with leverage and no predefined expiration date, enabling rapid gains or losses based on market fluctuations. The platform currently stands as the second largest derivatives protocol on Polygon, boasting a total value locked of over $6 million and a cumulative trading volume exceeding $22 billion.
Exciting Developments with V3
SynFutures has also unveiled a new iteration of its platform, V3, on the Ethereum testnet. The platform is set to support multiple blockchains, including Polygon and zkSync Era, an Ethereum Layer 2 network, once it goes live on mainnet later this year or early next year. V3 introduces an automated market maker model known as "Oyster," aiming to combine the strengths of order book and AMM models to enhance trading efficiency.
Conclusion
With this substantial Series B funding led by Pantera Capital, SynFutures is poised to make significant strides in the crypto derivatives space. The company's dedication to innovation, openness to a native token, and continuous growth underscore its commitment to shaping the future of crypto trading. As the platform continues to evolve and expand its offerings, the cryptocurrency community eagerly anticipates the impact of these developments on the broader crypto ecosystem.
