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dYdX Raises $10M to Add New Features and Market Expansion

DEX dYdX closed a $10 million Series B funding round led by Three Arrows Capital and DeFiance Capital, according to an official announcement made on Jan. 26.

  • Led by Three Arrows Capital and DeFiance Capital, other participants include Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital
  • Several high-profile crypto investors have supported dYdX, including a16z and PolyChain Capital
  • The funding will be used to further decentralize the protocol and give users control, the addition of new assets and features to perpetual contracts, partnerships, recruitment and expansion into the Asian market, specifically Greater China
  • The team also acknowledged its 2020 accomplishments in the post, saying that cumulative trading volume across its spot and derivatives markets had gone up by 40x to $2.5 billion from $63 million in 2019
  • dYdX also partnered with Starkware to bring layer 2 scaling solutions to its perpetual contracts, which accounts for over 40% of all volume as of Dec. 2020
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