BSX, a provider of a DeFi derivatives protocol built on the Ethereum Layer 2 network Base, raised $6.2M in funding.
The total amount above includes a pre-seed and seed funding rounds. The latest $4m seed round was led by Blockchain Capital while a $2.2m pre-seed round was raised a year ago but announced along with the seed.
Backers included Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed VC, Maelstrom, as well as angels Zach Segal, Tommy Shaughnessy, and Isaiah Washington.
The company intends to use the funds to expand beyond perpetual trading and develop a full-fledged DeFi ecosystem. They will be launching new DeFi products next month.
BSX is a self-custodial crypto derivatives decentralized exchange (DEX), built on Base L2 and backed by the Base Ecosystem Fund. It features a non-custodial system of “off-chain execution and on-chain settlement” that merges the security and transparency of a decentralized exchange with the experience and speed of a centralized exchange. Its architecture design consists of an orderbook model that works with various market makers to offer extensive and liquid access to different assets, instant execution, and high throughput via BSX’s comprehensive technical stack.
BSX, founded by industry veterans from Coinbase, Kraken, Jump Crypto, and FalconX, has already seen over $4B in trading volume since its April launch, with revenue topping $1M.
FinSMEs
26/08/2024