Boca derivatives exchange dTrade closes $6.4 million seed round with investment from Three Arrows and FireCoin

On May 13, dTrade, a polka-based derivatives exchange, announced the closing of its seed funding round, which received $6.4 million in investment from Three Arrows Capital, DeFiance, FireCoin and Polychain.

Boca derivatives exchange dTrade closes .4 million seed round with investment from Three Arrows and FireCoin

dTrade aims to be the first derivatives exchange to be built on Polkadot. A press release shared with The Block says it enables on-chain settlement of leveraged derivatives. The aim is to eliminate the custodial and counterparty risks of such transactions.

Nikodem Grzesiak, co-founder of dTrade, told The Block that many of the major contracts will be vetted ahead of the June release date. The second version of the perpetual swap exchange is now available on the Edgeware beta site, he said, while the public beta site is scheduled to go live in a few months.

The current team consists of 11 full-time employees. According to Grzesiak, dTrade’s local DET token will go live in June. He said.

“55% of the tokens will be split between community funding and liquidity mining incentives. The remaining 45% goes to investors, teams and advisors.”
Polychain closed an earlier seed round of funding for dTrade in March. It did not disclose the amount of the investment.

The Polkadot-based DeFi project has grown rapidly in recent months, while at the same time, voices around “multi-chain” alternatives to ethereum have grown louder. Equilibrium, for example, raised $2.5 million in Series A funding in early April.

dTrade is temporarily unavailable in the U.S., where regulators do not look favorably on leveraged derivatives trading for retail investors.

Posted by:CoinYuppie,Reprinted with attribution to:
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