Crypto Derivatives Exchange DydX Raises Seed Led by Andreessen Horowitz and Polychain Capitalbr>
Crypto Derivatives Exchange DydX has raised an undisclosed amount in its seed round.
The round was led by Chris Dixon of Andreessen Horowitz and Olaf Carlson-Wee of Polychain Capital. Other investors include Fred Ehrsam, Brian Armstrong, Elad Gil, Scott Belsky, Avichal Garg, Kindred Ventures, Abstract Ventures and 1confirmation.
The funds will be used to build a team of engineers, designers, and business operators, as well as to design and develop a regulation-compliant approach towards building the derivatives exchange. The funds will also be used to fund security audits on the company’s open protocol to ensure dYdX is the most secure platform to trade derivatives.
Founded in July of this year, DydX is building a decentralized protocol for derivatives on the ethereum blockchain and the 0x protocol. The protocol lets you take out peer-to-peer short-sells, long positions, and options on any ERC20 token. It also provides the ability for traders to make fully-collateralized loans, which are used to to fund short-sellers.
“We’re grateful to have the investor and advisor support of experienced entrepreneurs and operators who share our vision of building more open, transparent, and secure financial products through decentralization,” said Antonio Juliano, founder of dYdX.