Cryptocurrency derivatives exchange GlobeDX announced raising $18 million in new funding round.
Leading VCs Plow Into GlobeDX
The funding round saw participation from some of the most prominent venture capital funds globally, including Y Combinator, Pantera Capital, and Draper Dragon. Other investors included Republic Crypto, OKEx, CMT Digital, and Wave Financial.
With backing from some of the leading VCs, GlobeDX would compete with leading platforms that facilitate trading in cryptocurrency derivatives, including FTX, Huobi, OKEx, Binance, Bybit, and Bitmex.
The platform currently allows the trading of options and perpetual futures contracts in Bitcoin, Ethereum, and various DeFi tokens with up to 100x leverage.
For liquidity, the platform leverages its many partners, the likes of which include exchanges such as MXC and Hotbit.
“We’re working closely with our investors and strategic partners to bring innovative products for our traders on Globe. Trading DeFi Perpetuals on an exchange built by trad-fi veterans will be a whole new experience for crypto traders,” said GlobeDX CEO James West.
The exchange has planned a public sale of its native asset, the Globe Token (GDT), on Apr. 30. With a total supply of 400 million, the token would be used in receiving trading fee discounts and collateral for margin trading.