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Classified in: Science and technology, Business
Subject: VEN

Deri Protocol secures investment under Binance Smart Chain's $1B fund


SINGAPORE, Nov. 9, 2021 /CNW/ -- Deri Protocol the decentralized derivatives exchange, has secured investment under Binance Smart Chain's (BSC) $1B Growth Fund established to help DeFi projects scale for mainstream adoption.

With the funding, Deri will continue its efforts on innovating DeFi derivative products while optimizing financial functionalities for crypto and traditional financial users. This investment comes directly from the $1B fund which is designed to incubate rising blockchain-crypto projects.

"The derivatives market connects professional traders from the traditional financial market to the cryptospace," said 0xAlpha, Co-founder and CEO at Deri Protocol. "Deri enables decentralized and transparent mode of managing derivatives for these niche users who receive precise risk exposures and capital efficiency. With BSC's support we aim to scale Deri for mass adoption," he added.

Deri Protocol is the first decentralized exchange providing both everlasting options and perpetual futures on Binance Smart Chain where users can hedge, speculate and arbitrage their portfolios. It offers extreme capital efficiency for traders including everlasting and long-term options.

On Deri, trading positions are tokenized as non-fungible tokens (NFTs), which can be held, transferred or imported into any other DeFi projects for their own financial purposes (as blocks in their own "lego game") which is a whole new concept in the derivatives market.

Deri Protocol has an average daily volume of $80M  with an all-time-high (ATH) of $600M (as on November 3rd, 2021).

"The on-chain exchange of risk-exposures makes Deri a vital infrastructure  in the upcoming financial revolution," said Gwendolyn Regina, Investment Director at BSC Accelerator Fund. "BSC's $1B Growth Fund solely focuses on projects with high utilization and scalability. Deri protocol with its cross-chain derivative features tops the list," she added.

SOURCE Binance Smart Chain


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News published on 9 november 2021 at 09:00 and distributed by: