dYdX, a San Francisco-based startup developing open-source protocols for decentralized margin and derivative trading, has closed a $10 million Series A from top investors including Andreessen Horowitz and Polychain Capital.
The investment round comes just weeks after dYdX released its first product, Expo, an application that will eventually allow investors to trustlessly lend, borrow and margin trade any ERC-20 token.
This trading functionality is completed via the company’s Margin Trading Protocol, which provides a simple way to get short and leveraged exposure through Margin Tokens. This tokenized trading product works to aggregate spot and lending liquidity across multiple exchanges.
dYdX is planning to add new assets and features to Expo, while also building additional types of financial products, including options. The company is also planning to create a regulation-compliant approach towards building decentralized financial products, according to the announcement.
Abstract Ventures, Kindred Ventures, 1confirmation, Elad Gil and Coinbase co-founder, Fred Ehrsam, also participated in the round.
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