Derivatives DEX SynFutures raises $22 million, open to token launch idea

SynFutures, a decentralized derivatives exchange focused on perpetual futures, has raised $22 million in a Series B funding round.

SynFutures, a decentralized derivatives exchange focused on trading crypto perpetual futures, has raised $22 million in a Series B funding round.

The firm started raising for the Series B round last year and closed it about two months ago, Rachel Lin, co-founder and CEO of SynFutures, told The Block in an interview. She declined to comment on valuation and structure of the round but said SynFutures is open to the idea of a native token launch in the future. Any decision would depend on market conditions and regulatory landscape, she added.

While deployed on several blockchains, SynFutures is currently the second largest derivatives protocol on Polygon, with a total value locked of over $6 million, according to DeFi Llama. SynFutures says it has recorded over $22 billion in cumulative trading volume to date.

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