In Brief:
- Decentralized exchange, Futureswap announced a new version on Arbitrum after a $12 million funding round
- Framework Ventures, Ribbit Capital, and Placeholder.vc participated in this funding round.
- Ribbit Capital invested very first time in any decentralized exchange
A decentralized exchange platform, Futureswap has raised $12 million through the venture’s new funding round. Framework Ventures, Ribbit Capital, and Placeholder.vc participated in this funding round.
Futureswap also launched an updated version of its platform V4 on the Ethereum based layer-2 scaling solution, Arbitrum.
In this funding round, each participant company has invested $2 million as per the statement from Futureswap co-founder Derek Alia. The remaining amount was funded by other supporters.
This is the very first time Ribbit invested in a decentralized exchange.
Zack Rosen, Investor at Ribbit Capital, stated, “The Futureswap team’s vision to build more efficient and transparent financial markets is a large step forward in transforming the world of finance.”
Futureswap allows users future trading through perpetual swaps, which is a type of derivatives contract. Perpetual contracts provide a facility for traders to go long or short on a crypto asset with leverage and no expiry date. Futureswap offers up to 30x leverage.
The exchange was introduced on Ethereum in April 2020. Before the launch of V4, V3 went to live for a short time. Now V4 testnet is live on the layer-2 scaling solution, Arbitrum, and the expected launch on the mainnet could be after this week.
Perpetual Swaps allow users to buy or sell derivatives of crypto assets at certain prices and dates. What makes Perpetual swaps different from conventional future contracts is immortality. It comes with no expiry dates, so users can hold their assets as long as they wish without the fear of expiration.
Last month, The leading crypto exchange, Coinbase had applied to National Futures Association (NFA) to allow its users future and derivatives trading on its platform.
