Hxro Network, a derivatives platform built on the Solana blockchain, today announced the closing of a $34 million strategic funding round co-led by SIG DT Investments (A Susquehanna International Group Company), Jump Crypto, and Blockchain Capital.
The $34 million HXRO token round was backed by a marquee list of principal trading firms including SIG DT, Jump Crypto, Alameda Research, Chicago Trading Company, and Pattern Research as well as venture participation from Blockchain Capital, Solana Ventures, Coinbase Ventures, Commonwealth Asset Management, CoinFund, Genesis, LedgerPrime, Mantis, and Magnus Capital.
This latest round follows a $15 million HXRO token deal earlier this year that brought Commonwealth as well as notable macro hedge fund managers Alan Howard and Louis Bacon to the Hxro Network.
As a liquidity, risk, and margin platform for risk-based applications built on the Solana blockchain, Hxro supports a full suite of on-chain derivatives markets. Solana is a key component to Hxro, providing censorship-resistant infrastructure with the speed and low costs to facilitate derivatives markets at scale.
Hxro’s protocols provide open solutions enabling market makers, traders, operators, and other network participants to quickly create and connect to globally aggregated liquidity. These protocols combine the risk, margining, clearing, and capital efficiencies of centralized derivatives with the open, trustless, and censorship-resistant elements of DeFi.
Initially, the Hxro Network will support markets for the most well-known crypto-assets, and will later agnostically extend to markets for any high-fidelity data supplied by network-approved oracles. This setup enables Hxro to provide the underlying market infrastructure for everything from crypto and traditional assets to live in-play sports wagering and other event-driven markets.
Furthermore, Hxro will utilize a unique staking protocol to facilitate network governance, liquidity incentives, and rewards. Hxro Network value will largely derive from transaction fees generated within the network.
One hundred percent of the Hxro Network’s value will accrue to staked HXRO token holders, specialized node operators, the network treasury, and developer pools vital to network scaling and functionality. Additionally, the Hxro Network will include Pyth Network as its primary data oracle, and will also easily compose with order books from Project Serum. Moreover, Hxro will integrate Civic as well, which will provide critical primitive layer compliance architecture.
Next month, the Hxro team plans to begin launching v1 network components to the Solana mainnet and into Q1 of next year. This will include parimutuel markets, serial and quarterly futures, perpetual swap, and options.
If you are a beginner or don't have any knowledge to trade then you can copy our Trades. Kiss Billions (https://Kissbillions.com) provides a copy trading service for completely free.
Telegram channel: https://t.me/Kiss_On_Billion