BBOX Secures $2.7m in Pre-Seed Funding for Decentralized Derivative Trading Platform
Singapore, Singapore, January 30th, 2024, Chainwire
Decentralized derivative trading platform BBO Exchange (BBOX) has announced the successful completion of its pre-seed funding round. Co-led by prolific early-stage venture funds Hashed and Arrington Capital, the round raised $2.7 million and attracted participation from several major ecosystem players including Consensys, CMS Holdings, Flow Traders, Manifold Trading, Mask Network, and Laser Digital (Nomura Group).
The funding round, completed in last year’s third quarter, was further bolstered by contributions from Arcane Group, Draper Dragon, Vessel Capital, Aulis Venture, Formless Capital, Press Start Capital and One Piece Labs, as well as investments from notable industry leaders such as Keone Hon and Hongbo Tang. Other leaders in the Web3 space also made contributions.
BBOX is poised to enhance the DeFi space with its unique approach to decentralized derivative trading. As the first perpetual DEX to utilize Oracle Extractable Value in its liquidation process, the platform has pioneered an innovative auction mechanism that capitalizes on the inherent latency in Oracle price updates.
The platform’s multi-asset, signal-driven dynamic distribution AMM also allows LPs to correlate its price ranges with other assets, emulating the strategies of proactive market makers while maintaining the ease of passive liquidity provision. This feature enables LPs to concentrate their liquidity around a dynamic price range, significantly enhancing market efficiency. This is all made possible through a user-friendly interface and scalable SDK design, catering to both DeFi power users and casual investors.
BBOX is currently gearing up to launch its signal-driven AMM on Linea, a zkEVM Layer 2 Network for scaling Ethereum dApps, and registration has opened for the BBOX private testnet. Notably, Linea is the brainchild of BBOX investor Consensys, adding an extra layer of synergy and technological prowess to the platform.
“We aim to provide the entire DeFi ecosystem with both the infrastructure and the liquidity layer for derivative trading, and our ultimate goal is to create a venue where users can trade everything, earn on everything, and do both very effectively,” said Ray, the founder of BBOX and a former high frequency trader. “This raise is a testament to our vision and the trust investors have in our ability to bring something fresh and exciting to the DeFi derivatives space.”
“We believe Perpetual DEXs are one of the most profitable verticals in crypto and we’re excited to back BBOX — a team that distinguishes itself well in a crowded, competitive market. The platform leverages Oracle Extractable Value (OEV) for liquidations and a dynamic multi-asset signaling AMM for on-chain traders, while making capital work efficiently for liquidity providers,” said Edward Tan, Investor at Hashed. “We believe the best people are leading this product — crypto-native experts with relevant experience in Traditional Finance, Quantitative Trading and Engineering. Their collaboration with the Linea ecosystem will also be impactful in bringing their vision to fruition.”
“We are excited to back BBOX as they assert themselves as leaders in the digital asset trading realm, modernizing liquidation and pricing efficiency. Positioned strategically, BBOX is poised to capitalize on the growing L2 ecosystem and the anticipation surrounding the transformative impact of ZK Layer2s in the market,” said Michael Arrington of Arrington Capital. “By granting liquidity providers programmability and greater control over their positions, BBOX will empower them to maximize profits, fostering a robust and self-reinforcing momentum to solidify a formidable presence in the market.”
“We are thrilled to support BBOX in their venture to advance decentralized derivative trading. Their innovative approach marks a leap forward in DeFi, and we’re excited to see their impact on the industry’s future. This funding round also aligns perfectly with our mission of empowering innovative builders on the Linea platform,” said Benjamin Lavergne, Investment Principal at Consensys.
Ray, a former contributor to Pyth Network and a former member of the crypto team at Jump Trading, founded BBOX alongside Olivia, a former senior software engineer at leading U.S. exchange Coinbase. Last year, BBOX was one of 12 projects selected by Binance Labs as part of series 6 of their incubation season.
About BBO Exchange
BBO Exchange is on a mission to become DeFi’s ultimate derivative trading platform. Founded by two industry veterans, BBOX leverages advanced technologies and a user-centric approach to redefine DeFi trading by making it more accessible and user-friendly for all. The forthcoming launch of BBOX’s AMM on Linea is the first step in the journey.