Solana-Powered Derivatives Primitive Hxro Closes $34 Million Round Backed by Jump Crypto, Blockchain Capital

Jump Crypto, Blockchain Capital, Alameda Research and Coinbase Ventures, are among marquee investors supporting Hxro’s strategic round.

article-image

Blockworks Exclusive Art by Axel Rangel

share
  • Hxro’s protocol allows market makers, traders, and other network participants to access what it calls “globally aggregated liquidity”
  • $34 million strategic round follows $15 million HXRO token deal from earlier this year which had the backing of fund managers Alan Howard and Louis Bacon

Hxro, a derivatives primitive built on the Solana blockchain, announced today that it had closed a $34 million strategic round led by Jump Crypto, Blockchain Capital and SIG DT Investments.

Financial primitives refers to protocols that allow for the use of liquidity, leverage, risk, and arbitrage in the broader crypto ecosystem. For DeFi protocols to function properly, they need to incorporate these four primitives in some way, which has led to interest from investors in maturing this underlying infrastructure.

Earlier this year liquidity primitive 0x protocol raised $15 million in a round led by Pantera Capital while fixed rate protocol Element Finance closed a $32 million round in October. 

“Investors are beginning to understand the impact open source financial primitives [the software building blocks of DeFi] can have on the financial market,” Clay Robbins, head of growth at 0x, told Blockworks in an earlier interview. 

In a release, Hxro explained that its protocol allows for market makers, traders, and other network participants to access “globally aggregated liquidity” while combining the risk, margining, clearing, and capital efficiencies of centralized derivatives on Solana. 

“The notional size of incumbent derivatives markets is still many times that of what is available in DeFi. The mission of Hxro Network is to change that in a way where all market participants, no matter the size of their contribution and participation, can benefit,” Dan Gunsberg, Co-Founder of Hxro Network, said in a release.

“As a community, we are creating a very powerful foundation for decentralized derivatives to scale and become a significant part of the fabric of the global derivatives landscape.”

In a release, Hxro said it will utilize a unique staking protocol to facilitate network governance, liquidity incentives, and rewards. The network’s value will largely derive from transaction fees generated within the network

Hxro said that it plans on launching its v1 network on the Solana mainnet in December, with more development work occurring during the first quarter of next year.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Former White House crypto official Bo Hines is expected to be the CEO of the new project

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers