SynFutures, a Singapore-based decentralized exchange (DEX) focused on perpetual futures, has just secured an impressive $22 million in its latest funding round. This pushes SynFutures’ total funding to $38 million, and was spearheaded by Pantera Capital, SIG DT Investments (a subsidiary of the Susquehanna International Group), and HashKey Capital. Perpetual futures are a type of financial derivative commonly used in cryptocurrency and commodities trading, allowing traders to control a larger position than their initial capital would allow. The fundraising announcement accompanies the unveiling of SynFutures’s V3 of its platform, with the mainnet release scheduled for the fourth quarter of 2023. The upgraded V3 platform incorporates an Oyster automated market maker (Oyster AMM) which is fully deployed on-chain, allowing for the listing of any trading pairs. SynFutures CEO Rachel Lin said that while derivatives trading is a driving force behind substantial trading volumes, DeFi has yet to bridge the gap between it and institutional players. She anticipates that the bull market will come around next year, but “institutions might nevertheless still find themselves unable to fully embrace DeFi due to this limited derivatives functionality”. SynFutures hopes that the V3 of its platform eventually “proves a tipping point” for the niche. #SynFutures #DEX #PerpetualFutures #DeFi #Crypto

You can read more about this topic here: Decrypt: Pantera Capital Leads $22 Million Investment in Derivatives Exchange SynFutures

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