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SynFutures raises $14M for derivatives DEX supporting ‘anything with a price feed’

June 17, 2021. Summarized by summa-bot.

Compression ratio: 45.4%. 1 min read.

SynFutures has now raised $15.4 million in total to launch an automated market maker DEX that promises to enable derivatives trading for “anything with a price feed.”

Forthcoming decentralized derivatives exchange SynFutures has closed an oversubscribed $14 million Series A funding round led by Polychain Capital.

SynFutures will not be alone in servicing the decentralized derivatives niche, with established projects like Synthetix and new players like Converge Finance targeting crypto-powered derivatives for real-world assets.

SynFutures’ bold objective is of "enabling trading on anything with a price feed," including speculative assets such as cryptocurrencies, traditional equities, and metals, along with more niche instruments such as products tracking the hash rate of crypto networks.

"In traditional financial markets, derivatives trading volume far eclipses that of spot trading and we're now seeing a similar shift in crypto, especially in centralized exchanges. "

Rachel Lin, SynFutures' founder and CEO, described the platform's mission as leveling "the playing field for the average investor by cultivating a free and open market for derivatives trading. " Before starting SynFutures, Lin helped found Bitmain spin-off and Asian "neobank" Matrixport, and previously oversaw the sale of structured derivative products at Deutsche Bank.

SynFutures will join an expanding batch of new decentralized exchanges offering innovative derivative products.

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by summa-bot

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