Seed Labs has received $6.4 million for its dTrade trading app, which eliminates counterparty risk by allowing users to trade derivatives without the requirement for a brokerage or clearing house. The startup said in a statement that it is funded by VCs from nine different countries, including institutional liquidity providers, Alameda Research, Kronos Research, LedgerPrime, and others, who altogether trade 28 billion dollars every day.
The platform will be primarily a Perpetual Swap Trading Exchange when it launches. Perpetual Swap contracts are a sort of derivative that allows traders to profit from changes in the price of financial assets. On a technical level, every trading pair from any asset class — commodities, equities, digital assets, and pre-IPO stocks — can be offered.
“For the time being, Europe and the Asia Pacific Region are our primary target markets. The derivatives exchange is set to launch in the third quarter of this year, and it is presently completing its first round of technical security and penetration testing audits,” Zabi says.
The products on dTrade are not available to US citizens or residents of countries or jurisdictions subject to US sanctions.
