Beyond Finance, a decentralized platform for creating and trading synthetic financial products has announced a $7.5-million round of fundraising from leading blockchain funds, including Moonwhale Ventures, A195, DuckDAO, Cryptomeria Capital, Blocksync, X21 Digital, Rarestone Capital, Master Ventures, Consensus Capital, and more. The announcement comes after the company raised the funds simply by word of mouth over the past few weeks, without any advertising in the lead-up to its initial DEX offering scheduled for early April.
Dorji Rabten, head of operations at Beyond, said: “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry. Currently, accessing synthetic products can be challenging, and many offerings have critical flaws that create trust issues within various ecosystems. Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”
The team plans on using the funds raised to scale the platform, onboard new developers, and provide support for the upcoming BYN token launch, which will help incentivize and attract users to the platform. Beyond’s IDO is tentatively scheduled for early April, which will allow community members to participate in the company’s public token sale. More details will be released closer to the date on Beyond’s official channels.
ABOUT BEYOND FINANCE
These synthetic products are governed by the Beyond protocol and collateralized by BYN tokens. Deep liquidity is created for synthetic products through our automated market maker that is built on our protocol. Bid/ask orders can also be used on the trading interface for controlled trading orders. BYN token holders are incentivized to stake and provide liquidity to the synthetic products, as it allows the token holders to be rewarded with additional BYN tokens.