DEX Platform SynFutures Secures $22M in Series B Funding Round Led By Pantera Capital
Permissionless perpetual trading platform SynFutures has recently secured $22 million in a Series B funding round.
Dan Morehead’s Pantera Capital led the investment round. But other participants include Hashkey Capital, SIG DT Investments (a subsidiary of Susquehanna International Group).
SynFutures’ new funding is the second since the launch of the decentralized trading protocol a few years ago.
In June 2021, SynFutures raised approximately $14 million in a Series A funding round from Polychain Capital, Bybit, Wintermute, etc.
This recent funding round has increased SynFutures’ market valuation to $38 million. This makes it a more attractive option for VC firms seeking high-value crypto service providers to tap into.
Speaking in an exclusive interview with The Block on the new fundraising round, SynFutures’ CEO and co-founder Rachel Lin said the preparations for a new funding round started in 2022.
She stated that the decentralized exchange (DEX) protocol would be open to a token launch, but it would largely depend on market conditions and the global crypto regulatory landscape.
The DEX protocol has also announced the launch of its Oyster automated market maker (AMM) protocol and its version 3 (V3) testnet.
SynFutures’ team stated that OysterAMM has all of the benefits of centralized finance (CeFi) order book and the AMM model typically used across decentralized finance (DeFi).
This allows the AMM to run on unlimited liquidity, allowing users to have capital whenever they want or need it.
Shedding more light on its capability, the OysterAMM protocol is said to offer a 26,666x boost, which enables it to compete easily with established centralized cryptocurrency exchanges.
Meanwhile, Co-founder Lin noted that CeFi trading
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