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DeFi-Focused Derivatives Platform Hedget Raises $500K in Seed Funding
The round was led by FBG Capital and NGC Ventures, both Asia-based venture firms.
Updated Sep 14, 2021, 9:39 a.m. Published Aug 4, 2020, 9:48 a.m.
Decentralized derivatives protocol Hedget has raised $500,000 in seed funding.
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- According to a press release issued Monday, the round was led by FBG Capital and NGC Ventures, both Asia-based venture firms.
- Hedget is a new Ethereum layer 2 solution for decentralized options trading, allowing users to buy and sell derivatives using collateral to hedge risk when holding crypto.
- Users can also hedge on positions of debt taken up on lending protocols in the DeFi space.
- The company believes options are a "necessary building block" for the maturation of DeFi, according to a blog post.
- Talking of why his firm co-led the round, NGC Managing Partner Roger Lim said Hedget would help solve the "pain points" of costly and slow settlements for decentralized options trading.
- The derivatives startup was incubated by Chromia, a scalable blockchain platform designed to support decentralized applications, or dapps.
- Chromia also invested in the seed round, its co-founder, Or Perelman, told CoinDesk.
- With fees on Ethereum now proving "prohibitively" expensive, Perelman said Hedget is further utilizing Chromia as a layer-two solution over Ethereum for complex trading transactions, with only settlements being recorded on Ethereum.
- He added Hedget's seed investment was significantly oversubscribed, but the team had decided to go for "an average number."
See also: Five Years In, DeFi Now Defines Ethereum
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