Decentralized Exchange dYdX Raises $10M for Product Growth, Asian Expansion

Decentralized derivatives exchange dYdX has raised $10 million in Series B funding. Three Arrows Capital and DeFiance Capital led this round of funding, the company said in an announcement Tuesday morning. Andreessen Horowitz, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil and […]

article-image

Via Glassdoor

share

Decentralized derivatives exchange dYdX has raised $10 million in Series B funding.

Three Arrows Capital and DeFiance Capital led this round of funding, the company said in an announcement Tuesday morning. Andreessen Horowitz, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil and Fred Ehrsam also participated as existing investors. 

Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital joined the raise as new investors. This round brings dYdX’s total funding to $22 million to date.

Decentralized exchanges allow two parties to securely trade digital assets without an intermediary or centralized agency. dYdX runs on audited Ethereum smart contracts.

The four-year-old dYdX supports perpetual contracts – which are like futures contracts without an expiration date – spot and margin trading. Its cumulative trade volume has passed $3.5 billion since the beginning of this year, up from a reported $2.5 billion last year and $63 million in 2019.

dYdX, which is based in San Francisco, plans to use the new funding to grow its platform, form infrastructure partnerships and expand its footprint to Asian markets. It’s heavily focused on China but will also expand in Korea, Japan and Singapore, David Gogel, dYdX’s head of growth, told BlockWorks.

The company also plans to hire more engineers, designers and business operators.

It currently has about 38,500 users as of Dec. 31, which it identifies as unique wallets depositing funds into dYdX’s smart contracts.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Blinks Report Image.png

Research

Blinks enable the ability to vampire attack user monetization of existing networks by inserting onchain and financialized functionalities directly within the popular social feeds and digital experiences of today.

article-image

It’s time to focus on building long-term, value-driven models that ensure both user and developer loyalty

article-image

Plus, how the FTX collapse played out in Asian countries

article-image

Kalshi founder Tarek Mansour said Thursday marked the “the first trade on regulated election markets in nearly a century”

article-image

I was excited about being on the precipice of realigning societal incentives and solving many issues plaguing our modern financial world

article-image

Cypherpunk Holdings has rebranded to Sol Strategies in a pivot to a Solana-first investment approach

article-image

BitGo’s wrapped bitcoin (wBTC) has a new custodial challenger