- SynFutures Raises USD22M in Series B Funding
SynFutures, a Singapore-based provider of a decentralized exchange for perpetual futures, raised USD22M in Seres B funding.
The round, which brought the total amount to $38M, was led by Pantera Capital, with participation from SIG DT Investments, a member of the Susquehanna International Group (SIG DTI), and HashKey Capital.
The company intends to use the funds to support multi-chain expansion and new product development.
Led by CEO Rachel Lin, SynFutures is a Web3.0 decentralized derivatives infrastructure that creates an open and derivatives market by enabling trading on anything with a price feed anytime and employing an Amazon-like business model, giving users the tools to freely trade any assets and list arbitrary futures contracts within seconds.
The fundraising announcement comes alongside the launch of the decentralized exchange’s (DEX’s) new V3 platform for perpetual futures (“perps”). The upgrade features SynFutures’ proprietary Oyster automated market maker (Oyster AMM). Deployed fully on-chain, it combines the best of orderbook and AMM models in a single approach.
SynFutures is launching its V3, with the mainnet launch set for Q4 2023, in the anticipation that various market forces – including the upcoming Bitcoin halving, accelerating traditional finance (TradFi) participation in Web3, and the coming end of the Fed’s tightening cycle – will thaw the current crypto winter in 2024.