October 23, 2024
Variational, a crypto derivatives trading protocol based on the Ethereum Layer 2 network Arbitrum, has successfully raised $10.3 million in a seed funding round. The round was co-led by Bain Capital Crypto and Peak XV Partners. Notable participants included Coinbase Ventures, Dragonfly Capital, and North Island Ventures. Founded in 2021, Variational transitioned from a proprietary market maker to developing its own decentralized finance (DeFi) protocol, with operations starting in January 2022.
The protocol, which is not a decentralized exchange, aims to streamline peer-to-peer trading and settlement. According to co-founder and CEO Lucas Schuermann, Variational seeks to mitigate risks and inefficiencies inherent in traditional bilateral trading. The platform's first application, Omni, targets retail traders by enabling leveraged trading on perpetual futures, focusing on newly launched tokens and other innovative products. Variational plans to launch its invite-only mainnet by the end of this year, with a public release anticipated in early 2025, followed by the launch of its protocol token.
About Variational
Variational is a peer-to-peer trading and settlement protocol that enhances the efficiency of crypto derivatives trading. Founded by Lucas Schuermann and Edward Yu, former executives at Genesis Global Trading, Variational has transitioned from being a proprietary market maker to developing its own DeFi solutions. Its flagship application, Omni, allows users to trade perpetual futures with a focus on leveraging various financial instruments. The company is currently based in the Cayman Islands and is preparing for further expansion in both personnel and product offerings.
Website: https://variational.io/
X: @variational_io
About Investor
Bain Capital Crypto
Bain Capital Crypto, part of Bain Capital, was established to invest exclusively in the blockchain and cryptocurrency sector. The firm focuses on identifying promising opportunities in this rapidly evolving market and supports innovative companies in the digital asset space. With a robust background in venture capital, Bain Capital Crypto aims to contribute to the growth and maturity of the blockchain ecosystem.
Location: Boston, MA
Website: https://www.baincapital.com
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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