Futureswap, a San-Francisco based Protocol, announced that it has secured $12 million in its recent funding round. According to a Coindesk report, the protocol hopes to launch an updated version of its exchange on the Ethereum blockchain.
Placeholder.vc, Framework Ventures, and Ribbit Capital along with some existing investors that contributed to this round. No mention was made of any angel contributor.
The CEO and Co-Founder, Derek Alia, of Futureswap informed the Press that the protocol wants to utilize this fund to grow in terms of volume and more relevance.
Furthermore, Alia commented that the protocol has added perpetuals as a new functionalities. Perpetual swaps are similar to futures trade. However, perpetual trades differ because they are predicted trades without any expiry date.
“If you look at what’s going on with dYdX, they recently hit $1 billion in volume, making it one of the most successful crypto projects there is. We think there’s a very high chance that because we’re leveraging the existing ecosystem, that we could see volumes even higher than that,” she told Coindesk.
In her address, Alia noted that the funding will be primarily channeled towards the launching of its exchange’s upgraded version. With regards to this, she revealed that Futureswap will run on Arbitrum – a network that is connected with the Ethereum blockchain.