Crypto derivatives platform Hxro closes $34M funding co-led by SIG DT, Jump Crypto, and Blockchain Capital

Hxro Network, a derivatives platform built on the Solana blockchain, today announced the closing of a $34 million strategic funding round co-led by SIG DT Investments (A Susquehanna International Group Company), Jump Crypto, and Blockchain Capital. The $34 million HXRO token round was backed by a marquee list of principal trading firms including SIG DT, Jump Crypto, Alameda…
Crypto derivatives platform Hxro closes $34M funding co-led by SIG DT, Jump Crypto, and Blockchain Capital

Hxro Network, a derivatives platform built on the Solana blockchain, today announced the closing of a $34 million strategic funding round co-led by SIG DT Investments (A Susquehanna International Group Company), Jump Crypto, and Blockchain Capital.

The $34 million HXRO token round was backed by a marquee list of principal trading firms including SIG DT, Jump Crypto, Alameda Research, Chicago Trading Company, and Pattern Research as well as venture participation from Blockchain Capital, Solana Ventures, Coinbase Ventures, Commonwealth Asset Management, CoinFund, Genesis, LedgerPrime, Mantis, and Magnus Capital.

This latest round follows a $15 million HXRO token deal earlier this year that brought Commonwealth as well as notable macro hedge fund managers Alan Howard and Louis Bacon to the Hxro Network.

As a liquidity, risk, and margin platform for risk-based applications built on the Solana blockchain, Hxro supports a full suite of on-chain derivatives markets. Solana is a key component to Hxro, providing censorship-resistant infrastructure with the speed and low costs to facilitate derivatives markets at scale.

Hxro’s protocols provide open solutions enabling market makers, traders, operators, and other network participants to quickly create and connect to globally aggregated liquidity. These protocols combine the risk, margining, clearing, and efficiencies of centralized derivatives with the open elements of DeFi.

Initially, the Hxro Network will support and establish markets for the most well-known crypto-assets. Subsequently, the network plans to agnostically extend to markets for any high-fidelity data supplied by network-approved oracles. The aforementioned setup enables Hxro to provide the underlying market infrastructure for crypto and traditional assets to sports wagering and other event-driven markets.

Furthermore, Hxro will utilize a unique staking protocol to facilitate network governance, liquidity incentives, and rewards. HXRO’s token value will mainly derive from fees generated within the network. One hundred percent of the Hxro Network’s value will accrue to staked HXRO token holders, specialized node operators, the network treasury, and developer pools vital to network functionality.

Additionally, the Hxro Network will include Pyth Network as its primary data oracle, and will also easily compose with order books from Project Serum. Moreover, Hxro will integrate Civic, which will provide critical primitive layer compliance architecture.

Starting next month and into Q1 of 2022, the Hxro team will be launching v1 network components to the Solana mainnet. This includes parimutuel markets, serial & quarterly futures, perpetuals, and options.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
DeFi protocol TrueFi launches first non-stablecoin portfolio, with loans managed by WOO X
Read More

DeFi protocol TrueFi launches first non-stablecoin portfolio, with loans managed by WOO X

TrueFi to power WOO X's institutional services through decentralized loans to verified clients... Related News WOO Network, a cryptocurrency trading platform, today announced WOOFi, a new capital-efficient DEX powered by institutional hedging and market-making techniques. Since Spring of 2021, the WOOFi Swap proof of concept on BSC and Polygon... Read more TrustToken, the creators of…
Most consequential Cardano upgrade since smart contracts readying for launch
Read More

Most consequential Cardano upgrade since smart contracts readying for launch

‘Vasil’ upgrade now deployed on the Cardano testnet will bring increased network capacity and allow for faster and more efficient DApps... Related News A new Cardano EVM Sidechain for Solidity is set to bring interoperability between Cardano and Ethereum. The Ethereum Virtual Machine (EVM) is the virtual computer system at the heart of the Ethereum…
Crypto exchange Bitpanda introduces staking on 11 cryptocurrencies
Read More

Crypto exchange Bitpanda introduces staking on 11 cryptocurrencies

The initial coin selection for Bitpanda Staking comprises of eleven coins... Related News Bitpanda, an Austrian-based crypto exchange service company, and French-based financial app Lydia announced today they've joined forces to offer Lydia's 5.5 million users access to cryptocurrency. Lydia will leverage Bitpanda's White Label Solution, an... Read more Bitpanda, a European-based crypto exchange company,…
Zilliqa ready to launch metaverse-as-a-service (MaaS) platform, Metapolis
Read More

Zilliqa ready to launch metaverse-as-a-service (MaaS) platform, Metapolis

Zilliqa, a layer-1 blockchain protocol, soon will be launching Metapolis – an extended-reality (XR) metaverse that offers its partners a MaaS platform. With Metapolis, Zilliqa gives users a data-centric and fully customizable XR experience accessible through web/artificial reality (AR) and virtual reality (VR). Metapolis is already building cities with a host of brands in gaming,…