Paradigm Leads $65M Round for Decentralized Exchange dYdX

The San Francisco-based company raised $10 million in Series B funding in late January.

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dYdX founder and CEO, Antonio Juliano

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key takeaways

  • The Series C round, along with three previous fundraising rounds, brings the company’s total funding raised to $87 million to date
  • There are no current plans for additional fundraising and the company is not disclosing the valuation at this time

The decentralized derivatives exchange company, dYdX, has raised $65 million in a Series C funding round this month led by Paradigm, the company told Blockworks in an email. 

Liquidity providers including QCP Capital, CMS Holdings, CMT Digital, Finlink Capital, Sixtant, Menai Financial Group, MGNR and Kronos Research participated as investors in the round. 

Crypto venture capitals including HashKey, Electric Capital and Delphi Digital and dYdX’s partner StarkWare also joined the fundraising for this round. The Series C, along with three previous fundraising rounds, brings the company’s total funding raised to $87 million to date.

The San Francisco-based dYdX raised $10 million in Series B funding co-led by Three Arrows Capital and DeFinance Capital in late January, Blockworks previously reported. dYdX also raised $10M in a Series A round co-led by a16z and Polychain Capital in July 2018 and $2M in a seed round co-led by Andreessen Horowitz and Polychain Capital in September 2017, the company said. 

On June 15, dYdX’s Layer 2 perpetual protocol supported about $2.3 billion in cumulative volume from over 11,000 traders, up almost 92% from $1.2 billion cumulative volume on May 15, the month-ago date.

Additionally, dYdX’s platform has an all-time trading volume of $6.1 billion, over 33,000 trades in the last 30 days and an open interest of $24.1 million in the past 24 hours alone.

There are no current plans for additional fundraising and the company is not disclosing the valuation at this time, it told Blockworks. 

The company said it runs on audited smart contracts powered by ethereum, which eliminates the need to trust a central exchange while trading. “We combine the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange,” it added. 

The additional capital will be used to do a handful of things including launch a mobile application, partner with infrastructure players to bridge the gap between centralized and decentralized and continue to invest in international growth markets such as Asia, the company said. 

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