Tim Draper-backed crypto derivatives trade raises $18M

A brand new international cryptocurrency derivatives trade, Globe Spinoff Change, or GlobeDX, continues preparation for the platform’s launch by securing one other main elevate.

GlobeDX introduced Wednesday that the agency has efficiently raised $18 million by way of a brand new funding spherical that includes traders like seed cash startup accelerator Y Combinator and Tim Draper’s Draper Dragon fund. Different traders included OKEx crypto trade, Pantera Capital, Republic Crypto, CMT Digital, and Wave Monetary.

Scheduled for launch in early Might 2021, GlobeDX will permit customers to commerce main cryptocurrencies like Bitcoin (BTC) and Ether (ETH), in addition to decentralized finance tokens at as much as 100x leverage through perpetual futures contracts. Constructed by Y Combinator alumni Shaun Ng and James West, the platform has already enabled customers to open Globe accounts and commerce with Testnet Bitcoin.

“We’re working carefully with our traders and strategic companions to convey progressive merchandise for our merchants on Globe. Buying and selling DeFi perpetuals on an trade constructed by trad-fi veterans will probably be an entire new expertise for crypto merchants”, GlobeDX CEO West stated.

The newest funding spherical provides to a $3 million seed spherical accomplished by GlobeDX in November 2020. A spokesperson for GlobeDX instructed Cointelegraph that the earlier funding spherical was an fairness elevate, whereas the most recent $18 million funding will contribute to its upcoming token sale involving the Globe Derivatives Token (GDT). GlobeDX’s native GDT serves a number of functions together with buying and selling payment reductions, staking rewards and others.

“The Globe workforce has been constructing quietly and we predict now’s the proper time for them, with incumbents like BitMEX dealing with new challenges and DeFi catching the eye of refined market gamers,” Pantera Capital’s Franklin Bi stated.