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.
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.
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.
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.
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