Decentralized Exchange dYdX Raises $10M via Series B Round

dYdX, a leading decentralized exchange, announced that it has raised over $10 million via its series B funding round, which was led by Three Arrows Capital and DeFiance Capital.

Other existing and new investors participating in the round include a16z, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil, Fred Ehrsam, Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital.

The company also reported a substantial increase in Perpetual, Margin, and Spot trading volume in 2020, reaching $2.5 billion, up from $63 million in 2019. It has launched decentralized Perpetual protocol for 3 markets and achieved its goal of $10M in average daily volume.

Commenting on the latest funding round, Arthur Cheong, founder of DeFiance Capital said: “Antonio and the team have built a solid foundation for dYdX as one of the earliest and most successful DeFi protocols. We have been users since the early days and are excited to back dYdX in the current round to accelerate its mission to build the most powerful decentralized trading platform for crypto-assets.”

dYdX's decentralized exchange infrastructure combines non-custodial, on-chain settlement with an off-chain low-latency matching engine with order books to deliver an institutional-grade, liquid, and low slippage trading experience for the decentralized finance world.