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Tim Draper-backed crypto derivatives alternate raises $18M

04/28/2021

Globe By-product Change prepares to launch its platform subsequent month by elevating $18 million for a token sale.

A brand new world cryptocurrency derivatives alternate, Globe By-product Change, or GlobeDX, continues preparation for the platform’s launch by securing one other main elevate.

GlobeDX introduced Wednesday that the agency has efficiently raised $18 million by a brand new funding spherical that includes traders like seed cash startup accelerator Y Combinator and Tim Draper’s Draper Dragon fund. Different traders included OKEx crypto alternate, Pantera Capital, Republic Crypto, CMT Digital, and Wave Monetary.

Scheduled for launch in early Could 2021, GlobeDX will enable customers to commerce main cryptocurrencies like Bitcoin (BTC) and Ether (ETH), in addition to decentralized finance tokens at as much as 100x leverage by way of perpetual futures contracts. Constructed by Y Combinator alumni Shaun Ng and James West, the platform has already enabled customers to open Globe accounts and commerce with Testnet Bitcoin.

“We’re working intently with our traders and strategic companions to carry revolutionary merchandise for our merchants on Globe. Buying and selling DeFi perpetuals on an alternate constructed by trad-fi veterans might be a complete new expertise for crypto merchants”, GlobeDX CEO West stated.

The most recent funding spherical provides to a $3 million seed spherical accomplished by GlobeDX in November 2020. A spokesperson for GlobeDX informed Cointelegraph that the earlier funding spherical was an fairness elevate, whereas the newest $18 million funding will contribute to its upcoming token sale involving the Globe Derivatives Token (GDT). GlobeDX’s native GDT serves a number of functions together with buying and selling charge reductions, staking rewards and others.

“The Globe workforce has been constructing quietly and we predict now’s the right time for them, with incumbents like BitMEX dealing with new challenges and DeFi catching the eye of subtle market gamers,” Pantera Capital’s Franklin Bi stated.