March 01, 2024
Bracket Labs, a Utah-based company, announced closing its pre-seed funding round, securing $2 million. The funds will be used for product development, community building, and marketing efforts. A key focus will be on the launch of their mainnet product, Passage, as well as establishing partnerships and integrations following its release.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Bracket Labs | Mar 1, 2024 | $2M | Pre-Seed | $2M | Binance Labs | DeFI |
The funding round attracted participation from several investors with experience in DeFi, derivatives, and trading across various markets. Notably, Binance Labs, the lead investor according to the company blog, has provided incubation and investment to other successful projects in the DeFi space, including Radiant Capital, Pendle Finance, and Ambit Finance. Other participating investors include 0x Capital and NGC Ventures, both with experience supporting established DeFi protocols such as Synthetix and Aave.
Coinciding with the funding announcement, Bracket Labs also unveiled the launch of Passage on the Arbitrum One mainnet. The product received strong adoption during its testnet phase, highlighting the demand for user-friendly volatility trading solutions within DeFi. Given the significant market volatility experienced in 2024 so far, the launch of Passage presents a timely opportunity for users to manage their exposure.
The growing popularity of crypto options trading further emphasizes the need for accessible volatility products. Passage aims to address this demand by offering straightforward long/short volatility positions for both experienced crypto users and newcomers.
About Bracket Labs
Bracket Labs is a DeFi company pioneering the development of new financial instruments. Their flagship product, Passage, simplifies volatility trading within the DeFi ecosystem.
Website: https://www.bracket.fi/
X Account: https://x.com/bracket_fi
X Followers today: 39,513
X Followers 30 days ago: 33,823
X Follower change: 5,690 (+16.82%)
About Investor
Investor: Binance Labs
Binance Labs is the venture capital arm of Binance, a leading cryptocurrency exchange. They focus on investing in early-stage blockchain and cryptocurrency projects that have the potential to disrupt the financial industry.
Location: United States
Website: https://labs.binance.com/en
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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