SynFutures, a Singapore-based decentralized derivatives exchange, today announced the closure of a US$14 million series series-A funding round led by Polychain Capital.
- Framework, Pantera Capital, Bybit, Wintermute, CMS, Kronos and IOSG Ventures also participated in the round. It follows a US$1.4 million seed round in January and brings SynFutures’ total funding to US$15.4 million.
- The SynFutures platform is focused on derivatives — financial instruments such as futures and options contracts based on the value of underlying assets. The platform supports a range of assets, including ERC-20 tokens and cross-chain assets.
- SynFutures also launched today its closed alpha, ahead of its full launch next month.
- “In traditional financial markets, derivatives trading volume far eclipses that of spot trading and we’re now seeing a similar shift in crypto, especially in centralized exchanges. As [decentralized exchanges] increasingly gain market share, we see a unique opportunity for SynFutures to become the leading futures marketplace of the decentralized economy,” said Olaf Carlson-Wee, founder and CEO of Polychain Capital.