dYdX announced today it has raised a $10 million Series A round led by Chris Dixon at a16z crypto and Olaf Carlson-Wee at Polychain Capital. dYdX enables open, efficient and secure financial products on cryptoassets. It recently launched a margin trading protocol, and expo, an application that gives users access to short and leveraged tokens.
Additionally, dYdX received continued support from Abstract Ventures, Kindred Ventures, 1confirmation, Elad Gil and Fred Ehrsam. The dYdX team also welcomed new investors: Craft Ventures, Bain Capital Ventures, Naval Ravikant, Kevin Hartz, Dragonfly Capital, and VY Capital.
This is a big milestone for the dYdX team. Derivatives and margin trading bring exciting use cases to blockchain technology. The dYdX team says it is “excited to be building a core component of the emerging decentralized financial system.”
dYdX plans to use the additional capital to:
- Continue to add new assets and features to expo and the margin trading protocol
- Build new protocols for additional types of financial products including options
- Work with strategic partners to grow decentralized margin trading and derivatives
- Design and build a regulation-compliant approach towards building decentralized financial products
- Continue to hire world-class engineers, designers, and business operators