Velar, a Dubai, United Arab Emirates-based developer of a Decentralized Perpetual Derivatives Exchange (PerpDEX) on Bitcoin, secured $3.5M in seed funding.
Backers included Black Edge Capital, CMS Holdings, Bitcoin Startup Lab, GBV, Cypher Capital, Trust Machines SPV, Samara Asset Group, Maple Block, Cogitent Ventures, and many more.
The company intends to use the funds to accelerate the product development of its flagship product Velar Artha – a Decentralized Perpetual Derivatives Exchange (PerpDEX) on Bitcoin.
Led by Mithil Thakore, Co-Founder and CEO, and Aravind Sathyanandham, Co-Founder, Velar is advancing Velar Artha, a perpetual DEX on Bitcoin, which will facilitate trading of perpetual derivatives in a trustless manner, with up to 20x leverage, using BTC as collateral in a non-custodial manner.
The product aims to unlock Bitcoin’s dormant liquidity for advanced DeFi use cases. Over $800 billion worth of BTC is currently unproductive, representing massive untapped capital that Velar’s PerpDEX can enable institutions and individuals to utilize productively.
Velar’s broader product suite includes a Uniswap v2-inspired AMM-based DEX for swaps and liquidity pools, yield generation tools, and a token launchpad for Bitcoin-based projects.
The PerpDEX is slated to launch in Q2 2024 on Bitcoin Layer-2 protocol Stacks. Beyond these suites of products, Velar will also explore integration with other leading L2s and scaling solutions for Bitcoin.
FinSMEs
01/02/2024