SynFutures, a Singapore-based decentralized derivatives exchange, closed a $14m Series A financing.
The round – which brought SynFutures’ total funding to $15.4m – was led by Polychain Capital with participation from Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos, and IOSG Ventures.
Led by Rachel Lin, founder and CEO, SynFutures is a synthetic assets derivatives exchange focused on creating an open derivatives market by enabling trading on anything with a price feed. Designed as an open derivatives market, SynFutures supports a large variety of assets, including ERC-20 tokens, cross-chain assets, and anything else with a price feed. Users can take leveraged long or short positions based on assets such as BTC, gold, hash rate, and real-world assets. To protect users’ positions and avoid unintended price volatility, such as the manipulation of oracle index prices, SynFutures employs a rigid modeling and risk management system that introduces the best practices of traditional finance to the DeFi space. SynFutures also has an Automated Liquidator (ALQ) smart contract that performs liquidations automatically, enabling any user to use ALQ to trim undercollateralized positions.
Coinciding with the new funding, SynFutures is onboarding users in closed alpha, with plans to open up its platform to all users next month as part of its mainnet launch. The company is also planning to release a series of innovative new products aimed at providing users with a more robust trading experience, including Hash Rate Futures, a fully decentralized hash rate derivative allowing users to hedge or speculate on the mining difficulty of bitcoin; Auto-Hedger, a one-click solution for hedging the “impermanent loss” risk for staking in a variety of DeFi AMM trading platforms; and cross margining, a way of offsetting positions to spread and reduce margin requirements.