Hxro Network Raises $34M in Funding

Hxro Network

Hxro Network, a Chicago, IL-based derivatives primitive built on the Solana blockchain, closed a $34m strategic funding round.

The round was co-led by SIG DT Investments (A Susquehanna International Group Company), Jump Crypto, and Blockchain Capital with participation from Alameda Research, Chicago Trading Company, Pattern Research, Solana Ventures, Coinbase Ventures, Commonwealth Asset Management, CoinFund, Genesis, LedgerPrime, Mantis, and Magnus Capital.

Round proceeds will be used to fund the network treasury, bootstrap early protocol liquidity, and fund network rewards.

Led by Dan Gunsberg, Hxro Network is a liquidity, risk, and margin primitive for risk-based applications built on the Solana blockchain. It provides support for a full suite of on-chain derivative markets. Solana is a key component to the Network, providing censorship-resistant infrastructure with the speed and low marginal transaction costs needed to facilitate derivatives markets at scale.

The Network protocols provide open solutions enabling market makers, traders, operators, and other network participants to quickly create and connect to globally aggregated liquidity. These protocols combine the risk, margining, clearing, and capital efficiencies of centralized derivatives with the open, trustless, and censorship-resistant elements of DeFi. 

The Network plans to initially support markets for crypto-assets, and will later agnostically extend to markets for any high-fidelity data supplied by network-approved oracles. HXRO plans to begin launching v1 network components to Solana mainnet next month and into Q1 of next year. This will include parimutuel markets, serial and quarterly futures, perpetual swap and options.