Cypher, a Tortola, British Virgin Islands-based expiratory futures protocol built on Solana, raised $2.1m in seed funding.
The round was co-led by Sino Global Capital, SkyVision Capital, and Blockwall Capital.
The company intends to use the funds to expand operations, building a team of developers and product managers and developement efforts to launch a protocol designed to bring access to global markets – something that will be made possible through a synthetic derivatives product akin to a futures contract.
Cypher is the maker of an expiratory futures protocol on Solana which aims to open new opportunities to TradFi and DeFi providing access to pre-public global markets.
The first opportunity for expanded access will be in pre-public markets.
To date, the protocol has announced partnerships with Sacra, Lagoon, GenesysGo, Switchboard, and Serum. The Serum DEX and Solana blockchain are integral to facilitating an interactive market and combine to make the fastest, most efficient way to trade assets on a decentralized protocol.