The dYdX decentralized cryptocurrency derivatives exchange held its second round of funding, raising $ 10 million. The money will be spent on business development.
Investment received from venture capital firms Three Arrows Capital and DeFiance Capital. Wintermute, GSR, Scalar Capital and others also took part.
In addition to increasing the team and developing the platform, dYdX plans to expand its presence in Asian markets, especially in China. For this, the first foreign worker, Yiran Tao, was recently hired.
“The Chinese market is very important for dYdX, for the DeFi industry and for the global cryptocurrency industry. We hope for a long-term and successful presence in the Middle Kingdom market, therefore we do not spare funds for development, ”emphasized Antonio Juliano, founder of dYdX.
The dYdX exchange was founded in 2017. Three types of derivatives are available to clients: perpetual contracts with 10x leverage, futures trading and margin trading with 5x leverage. In 2020, the trading volume on the site amounted to $ 2.5 billion, which is 40 times more than in 2019. In 2021, trading volumes on the platform have already exceeded $ 1.3 billion.
“We believe that dYdX will continue to gain market share from centralized exchanges with ease of connectivity, lower costs, improved user experience and more attractive trading products. In 2021, we hope to launch many new products and catch up with the leading centralized exchanges, ”said Giuliano.
In the coming month, the platform hopes to implement tier 2 support on the Ethereum StarkWire network for its perpetual contracts. Also, the management of the exchange plans to continue decentralizing the platform, and is also considering the possibility of launching its own token.
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