Crypto Derivatives Exchange Blade Raises $4.3 Million From Major Investors

A new crypto derivatives exchange that is soon to launch has raised $4.3 million from big names and major investors such as Coinbase as well as the investment firm SV Angel. As the latest cryptocurrency news show, the exchange Blade is scheduled to launch in three weeks’ time.

Right now, the funding and plans are coming by the way of a Tech Crunch report published on August 12. The report further notes that Blade is aiming to provide trading for cryptocurrency based perpetual swap contracts with three new and major improvements.

First, the crypto derivatives exchange will have the perpetuals contracts drawn up using standard and simple contracts. Second, these perpetuals will use Tether’s stablecoin (USDT) for settlement as well as margins. Last, the trades on the exchange can be leveraged up to 150 times their price for any cryptocurrency trading pairs.

As the report explains, crypto perpetuals allow traders to bet on the price of any cryptocurrency with respect to any other cryptocurrency. However, unlike its features, the perpetuals do not have expiration dates. The report further notes that Blade currently provides a listing of their cryptocurrency pairs. The crypto derivatives exchange, as reported, lists seven different trading pairs.

The CEO of Blade, Jeff Byun, was featured on many best cryptocurrency news sites for his statement following the launch. He said:

“In the long term, we want to be the CME of crypto […] Coinbase and Binance are building this foundational structure for crypto, but I think we are too and in a sense that derivatives are at their core about risk transfer, we want to be building the foundational layer for risk transfer in the crypto markets.”

As we previously reported, the major cryptocurrency exchange Bitfinex was in the altcoin news recently for hinting that they might be adding 100x leverage for derivatives trading. The CTO of the company, Paolo Ardoino, suggested this figure in a non-commital Twitter post featuring a simple image and accompanying emojis.

Meanwhile, the cryptocurrency market remains the same with minimal losses on the day. The total cryptocurrency market cap right now is at $294 billion where Bitcoin leads with a price of $11,295 and a 68.6% dominance.