SynFutures, a platform that allows users to trade futures contracts on any asset, has secured $22 million in a Series B funding round led by Pantera Capital, one of the leading investors in the crypto space, as reported by specialized news outlet TechCrunch. The round also saw participation from Susquehanna International Group, HashKey Capital, and other prominent crypto funds.
— SynFutures Protocol (@SynFuturesDefi) October 19, 2023
SynFutures aims to democratize the derivatives market by enabling anyone to create and trade futures contracts on any underlying asset, such as cryptocurrencies, commodities, stocks, or even real-world events. The platform uses a novel automated market maker (AMM) model that combines order books and liquidity pools to optimize trading efficiency and liquidity.
SynFuture’s CEO Explains the Feature’s Interesting Name
Rachel Lin, the CEO and co-founder of SynFutures, explained that the term “Oyster AMM” symbolizes the unrestricted listing of futures trading pairs on their decentralized exchange. Additionally, it signifies the ‘pearls’ or limit orders that emerge on a liquidity curve in their model.
The platform also plans to launch its own governance token, SYN, which will allow users to participate in the decision-making process and benefit from the platform’s growth. SynFutures will use the new funds to expand its team, develop new products and features, and grow its user base.
According to SynFutures’ co-founder and CEO Rachel Lin, the platform’s vision is to “create a truly permissionless derivatives market where anyone can access any futures market in the world.” She added that the platform has already seen strong demand from users and partners since its launch in June 2021.
With its base in Singapore, SynFutures operates with a compact team of around 20 members. Following the recent funding round, the company has plans to expand its workforce.
Pantera Capital’s partner Paul Veradittakit praised SynFutures for its innovative approach to derivatives trading and its potential to disrupt the traditional financial system. He said that Pantera is “excited to support SynFutures as they continue to build out their platform and bring more value to the crypto ecosystem.”