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Exchanges like Coinbase have ballooned in size by taking the mechanics of equity markets and fitting them to cryptocurrency markets, but as the space expands in its scope and craftiness, new exchanges trading asset classes native to cryptocurrency are taking off and attracting the attention of top Silicon Valley VCs, oh, and Coinbase too.
Blade is a new cryptocurrency derivatives exchange launching in three weeks. Previous to starting the company, CEO Jeff Byun and his co-founder Henry Lee founded OrderAhead, a delivery startup platform which was eventually acquired in-part by Square in 2017. The pair’s newest company shares little in common with their previous venture, but they are bringing aboard some of the same investors to support them.
Blade - Seed - Funding - Host - Investors
Blade is announcing that they’ve raised $4.3M in seed funding from a host of investors, including Coinbase, SV Angel, A.Capital, Slow Ventures, Justin Kan and Adam D’Angelo.
The exchanges is tackling perpetual swap contracts.
Perpetuals - Trading - Instrument - Byun - Segment
Perpetuals are a crypto-native trading instrument that Byun says are “arguably the fastest growing segment of cryptocurrency trading.” They allow traders to bet on the future values of cryptocurrencies in relation to another and the instruments have no expiration dates unlike fixed maturity futures. Traders can bet on how the price of Bitcoin can increase relative to USD but they can also make bets relative to other Altcoins like Monero, DogeCoin, Zcash, Ripple and Binance Coin. Here’s what’s on the Blade menu at the moment.
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