Decentralized derivatives protocol Hedget has raised $500,000 in seed funding.
Hedget is a new Ethereum layer two 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 platform believes that 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's 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 that Hedget had been offered more than $500,000 in the seed investment, but the team had decided to go for "An average number."
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
DeFi-Focused Derivatives Platform Hedget Raises $500K in Seed Funding
Publicado en Aug 4, 2020
by Coindesk | Publicado en Coinage
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