Hxro Network, a platform based on Solana, has raised $34 million in a token funding round, co-led by SIG DTI, Jump Crypto and Blockchain Capital.
The funds raised are aimed at building a new Solana-based decentralized derivatives trading platform.
Summary
Solana-based Hxro Network and $34 million in funding
Backing Solana-based Hxro Network with its $34 million funding round were 3 special and “hidden” investors, along with other well-known participants.
According to reports, Susquehanna International Group, a prominent (albeit secretive) traditional stock trading firm, co-led the round through its venture wing, SIG DT, along with Jump Crypto – Robinhood’s crypto-exchange processing company – and Blockchain Capital, a crypto venture firm.
Other participants include names such as Alameda Research, Chicago Trading Company, Solana Ventures, Coinbase Ventures and Commonwealth Asset Management, who have decided to invest not only in the Hxro Network project but also in its Solana Network, on which the project will be developed.
The new funding round comes just four months after Hxro Network raised another $15 million.
Solana and the new derivatives trading platform Hxro Network
Here’s the roundup of tweets from Hxro Network to announce it:
We are pleased to announce the completion of a $34 million strategic investment round co-led by SIG DTI (a Susquehanna International Group Company), Jump Crypto and Blockchain Capital.
— Hxro (✖️,✖️) (@HxroNetwork) November 30, 2021
“We are pleased to announce the completion of a $34 million strategic investment round co-led by SIG DTI (a Susquehanna International Group Company), Jump Crypto and Blockchain Capital. This round is further validation of Hxro Network’s community-based vision to build the most robust and scalable decentralized derivatives primitive available in the marketplace. Through extensive coordination, the Network has brought together some of the most experienced participants from both traditional and crypto markets to design and build its most critical foundational elements. Under normal circumstances these teams would be fiercely competitive with one another. However, they all share a common goal of unlocking the complex frictions that exist in incumbent markets and creating an open marketplace through the application of decentralized technology. As a community, we are creating a very powerful foundation for decentralized derivatives to scale and become a significant part of the fabric of the global derivatives landscape”.
In essence, Hxro Network wants to become the first DEX of derivatives. The first version (v1) of Hxro Network is expected to be launched on Solana from next month across phases, including futures, options and perpetual swaps.
The network will use a single protocol to facilitate network governance, liquidity incentives and rewards. The value of the Hxro network will largely come from transaction fees generated within the network.
100% of the value of the network will accrue to HXRO token holders, specialized node operators, network treasury and developer pools vital to the scalability and functionality of the network.
In addition, Hxro will compose with Pyth Network as its primary data oracle, and will also easily compose with Project Serum order books. The network will also integrate Civic, which will provide a critical primitive layer compliance architecture.
SOL and its price
Meanwhile, Solana’s crypto (SOL), the blockchain development base for Hxro Network and many other dApps, is climbing the charts, ranking fifth by market capitalization at the time of writing.
In the last 24 hours alone, the price of SOL has risen 8% from $201 to $220. That’s still a long way (though not too far) from its ATH – All Time High of $260 at the beginning of November.
Solana (SOL), launched last April, was included along with Avalanche and Cardano, among the cryptocurrencies defined as “Ethereum Killers“, in that its blockchain should process 50,000 transactions per second, compared to Ethereum’s 15-30, with costs of $0.00025 per transaction, at least according to the company.
