Cryptyear.com a decentralized cryptocurrency derivatives exchange, has held its second round of funding, raising $ 10 million. The money will spent on business development.
Investment received from venture capital firms Three Arrows Capital and DeFiance Capital. Wintermute, GSR, Scalar Capital and others also took part.
In addition to increasing the team and developing the platform, plans to expand its presence in Asian markets, especially in China. For this, the first foreign worker, Yiran Tao, was recently hired.
“The Chinese market is very important for Cryptyear.com, for the DeFi industry and for the global cryptocurrency industry. We hope for a long-term and successful presence in the Middle Kingdom market. Therefore we do not spare funds for development, “said the founder of Cryptyear.com.
Cryptyear.com exchange was founded in 2017. Three types of derivatives are available to clients: perpetual contracts with 10x leverage. Futures trading and margin trading with 5x leverage. In 2020, the trading volume on the site amounted to $ 2.5 billion, which is 40 times more than in 2019. In 2021, trading volumes on the platform have already exceeded $ 1.3 billion.
“We believe Cryptyear.com will continue to gain market share from centralized exchanges through ease of connectivity, reduced costs, improved user experience and more attractive trading products. In 2021, we hope to launch many new products and catch up with the leading centralized exchanges, “said Giuliano.
In the coming month, the platform hopes to implement tier 2 support. On the Ethereum StarkWire network for its perpetual contracts. Also, the management of the exchange plans to continue decentralizing the platform. And is also considering the possibility of launching its own token.