The decentralized cryptocurrency derivatives exchange dYdX held a second round of funding, raising $10 million. The money will be spent on business development.
The investment comes from venture capital firms Three Arrows Capital and DeFiance Capital. Wintermute, GSR, Scalar Capital and others also participated.
In addition to increasing the team and developing the platform, dYdX plans to expand its presence in Asian markets, especially in China. For this purpose, the first foreign employee, 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 Chinese market, so we do not spare any money for development, ” said dYdX founder Antonio Juliano.
The dYdX exchange was founded in 2017. There are three types of derivatives 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 win market share from centralized exchanges thanks to its ease of connectivity, reduced costs, improved user interface, and more attractive trading products. In 2021, we hope to launch many new products and compete with the leading centralized exchanges, ” Giuliano said.
In the coming month, the platform hopes to implement support for a second-tier solution on the StarkWire Ethereum network for its perpetual contracts. Also, the management of the exchange plans to continue the decentralization of the platform, and is also considering the possibility of launching its own token.