Cypher
BlockchainCrypto AdoptionCryptocurrency DerivativesCryptocurrency FundDeFiJapanNewsNFTTradingUniswap (UNI)

DeFi Derivative Platform, Perennial Secures $12M In Seed Funding Round, Announces Mainnet Launch

A decentralized finance (DeFi) protocol for derivatives trading (Perennial) has raised $12 million in a seed funding round. The funding round was co-headed by Polychain Capital and Variant. Alongside the fundraising is the launch of the Perennial mainnet on December 7.

Funding for Derivatives Trading

According to a statement from Perennial, the $12 million funding round includes Polychain Capital and Variant as co-leads with Coinbase Ventures, Archetype, Scalar Capital, Robot Ventures, and others. In addition, the DeFi trading platform also announced the launch of its mainnet.

Founded by the Kevin Britz and Arjun Rao duo, Perennial has witnessed rapid adoption in the decentralized finance ecosystem. Before Perennial, the pair co-founded Astro Wallet in 2017, which Coinbase purchased in 2019.

Cypher

However, Britz confirmed that both are still working with Coinbase in an advisory role. Britz further stated that the company is a derivatives protocol that provides a seamless trading experience with an adjustable and capital-efficient template for providing finance.

He added that the Perennial platform also has a developer-focused system that simplifies the creation of DeFi derivatives. Perennial aims to become the leading infrastructure provider in the DeFI derivatives space as it continues its push to create more products through seed funding.

📰 Also read:  How to Buy Bifrost (BNC): Best Exchanges to Use

Perennial’s mainnet launch will first include three markets before adding others. An excited Britz points out that this is just the beginning of what is to come from Perennial.

“The protocol has a jam-packed strategy in the works,” added the co-founder. Some of the plans that Perennial has highlighted to complete include the addition of a tradable market, a Layer-2 ecosystem, and mechanism design updates.

Meanwhile, the DeFi derivatives protocol has yet to specify if the latest funding was through equity or token round. Still, the co-founder admitted that the firm has no native token.

When asked about Perennial’s current staff strength, Britz declined to say much but noted that the firm is hiring across various departments like engineering, product design, growth, community, and others.

Increased Funding For The DeFi Space

Despite the crypto market correction and the ongoing FTX debacle, the DeFi space is still seeing increased funding, with venture capitalists injecting massive funds into the industry. For example, earlier in the week, the UniSwap DeFi-based protocol Panoptic raised $4.5 million in funding from venture capitalists.

Furthermore, with more users now attracted to DeFi than ever following the perceived shortcomings of centralized exchanges (CEXs), the environment is seeing an increasing surge in users.

📰 Also read:  Sam Fried Pleads for Softer Sentence, Hints Recovering FTX Funds

The fallout of the FTX exchange has presented ample opportunity for DeFi protocols to bring more users on board as demand for alternative fund custody platforms increases. With the latest funding round, the DeFi derivative space will see a boost in the coming months.


Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  US Legislators to Enable Crypto Custodial Services for Banking Institutions

Cypher

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content