Beyond Finance Raised $7.5M To Democratize Synthetic Products Access

Beyond finance, the decentralized platform that trades and creates synthetic financial products has raised $7.5 million in a fundraising round from leading blockchain companies like Moonwhale Ventures, DuckDAO, Blocksync, Cryptomeria Capital, RArestone Capital, and more, as we read more in our latest cryptocurrency news today.

The announcement came after the company raised the funds over the past few weeks without any advertising in the lead-up to the initial DEX offering that was scheduled for April. Beyond finance is creating a robust decentralized platform and protocol dedicated to helping small and medium-sized companies and individuals to create and trade synthetic products. By using the platform, users can use the synthetic product trading platform to get more access to a wide range of traditional assets and all users will be able to access the products by staking the BYN native token investing in the assets directly, trading other assets, and loaning ETH in exchange for synthetic tokens.

Dorji Rabten who is the head of operations said:

 “We are excited to share our vision of creating an easy-to-use and democratized synthetic product ecosystem with some of the best investors in the industry. Currently, accessing synthetic products can be challenging, and many offerings have critical flaws that create trust issues within various ecosystems. Beyond is looking to solve this by offering the same institutional-grade solutions and access for everyone.”

With a team comprising alumni from the top world-renowned companies like Deutsche Bank, Barclays, Goldman Sachs, and Credit Suisse, Beyond’s mission is to bring decentralized finance to a global population that doesn’t have access to these products. The potential of converting the fraction of the population implies a chance of onboarding millions of new people into Defi as well as more capital.

We're three months into 2021 and for many of us, goal fatigue is starting to set in. Here are 15 science-backed ways you can achieve your goals, #financial or otherwise: https://t.co/Oj593fJK99

— Beyond Finance (@MoveBeyondDebt) March 21, 2021

The team plans on using the funds raised to scale the platform and to provide support for the BYN token launch which will incentivize and attract more users to the platform. Beyond is a decentralized platform for creating and trading financial products designed to suit the needs of the synthetic creator that can be made to track prices of assets like stocks, ETFs, and currencies. These products are governed by Beyond Protocol and collateralized by BNY tokens and all token holders are incentivized to stake and provide liquidity to the synthetic product as it allows the holders to be rewarded with additional BNY tokens.