Nick Chong · 2 hours ago · 2 min read
Welcome to this week in Blockchain Venture Capital.
dYdX, a San Francisco-based startup building open-source protocols for decentralized margin trading and derivatives, recently closed a $10 million Series A round. Participants in the round included a16z crypto (lead), Dragonfly Capital Partners, Craft Ventures, Kindred Ventures, Vy Capital, 1confirmation, Fred Ehrsam, Elad Gil, Naval Ravikant, and Abstract Ventures.
In the dYdX margin trading protocol, users can short assets to profit on price declines, trade with leverage to multiply gains, and earn interest on long positions through trustless loans. In the dYdX options protocol, users will be able to write, buy, or trade any option on any token, take complex financial decisions to increase leverage or reduce risk. The dYdX options protocol is under development and estimated to be completed in 2019.
Algorand, a Boston-based startup building a scalable, secure and decentralized digital currency and transactions platform, recently closed a $62 million venture round. Participants in the round included Polybius Capital, NEO Global Capital, Eterna Capital, and more. Union Square Ventures and Pillar led Algorand’s $4 million seed round in February and also participated in the most recent round.
The funding will be used to make key hires and continue to develop the protocol designed by the Massachusetts Institute of Technology’s Silvio Micali, a cryptography pioneer and Turing award winner.
Minds, an East Coast-based crypto social network, has recently raised a $6 million Series A round from Medici Ventures, a wholly-owned blockchain-focused venture subsidiary of Overstock.com. Minds is an open-source and community-owned social networking platform that rewards users for being active.
Features of Mind include a token reward system, an encrypted messenger, cryptoasset wallets, exclusive content paywalls, promoted posts, tipping, blogs, groups, videos, news feed, and more. Minds recently launched the Minds token on the Ethereum Mainnet. This token can be exchanged for premium services, advertisements, rewards, and additional services.
For more information:
- See CryptoSlate’s blockchain venture capital news