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Home Sector FinTech

Trading App by Seed Labs Raises $6.4 Million Seed Round

29 May 2021
in FinTech
Reading Time: 1 min read

Seed Labs has been awarded $6.4 million for their dTrade trading application, which removes counterparty risk by allowing users to trade derivatives without the need for a brokerage or clearing house. According to the business, it is backed by venture capitalists from nine different countries, including institutional liquidity providers such as Alameda Research, Kronos Research, and LedgerPrime, which collectively trade 28 billion dollars each day.

When the site starts, it will be largely a Perpetual Swap Trading Exchange. Perpetual Swap contracts are a type of derivative that enable traders to profit from price movements in financial assets. On a technical level, every trading pair from any asset class can be offered, including commodities, equities, digital assets, and pre-IPO stocks.

“At the moment, our key target markets are Europe and the Asia Pacific Region. The derivatives exchange is scheduled to launch in the third quarter of this year and is currently undergoing its initial round of technical security and penetration testing audits,” Zabi explains.

The products on dTrade are not available to nationals of the United States of America or inhabitants of nations or jurisdictions sanctioned by the United States.

Source: Startup Pakistan

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