ACDX, Advanced Crypto Derivatives Exchange, launched its public beta today and announced that it has raised US$10 million in series pre-A equity and token private investment rounds that valued the exchange at US$33.3 million (post-money). The two financing rounds are led by the community-driven VC firm VYSYN VENTURES.
Soon after closing the private rounds, ACDX announced its convertible token sale on Uniswap. With the ticker cACXT, convertible ACXT can be later converted to ACXT, the native governance token of the exchange. Starting at an initial price of US$1.25 and a supply of 400,000 tokens, convertible ACXT can be purchased by anyone on the decentralized platform. At the time of writing, cACXT is trading at US$3.8.
Another public token sale is expected to commence in Nov 2020 on ACDX. The sale price will be determined based on the last trading price of cACXT on Uniswap, and the supply will be 250,000 tokens only.
After concluding the public sales, ACDX will initiate the planned US$30M series-A funding round.
At launch, ACDX is offering quarterly futures, perpetual futures, and futures spread trading. Among the offerings, futures spread trading is the first innovative product that ACDX releases to the market.
Futures spread is a popular derivative in the traditional market. It provides the benefits of lower margin requirements and risks. With the mission of bringing more innovations and transparency to the cryptocurrency industry, ACDX also has a series of new products in the 2020 pipeline.
“On the contrary to many projects out there, the funding rounds are largely driven by the community. This concurs with the idea of our governance token ACXT. Despite DeFi taking the spotlight in cryptocurrency this year, derivatives still have a massive potential. If you compare crypto derivatives with the traditional market, you will see the huge opportunities ACDX is exploiting,” said Andy Cheung, founder and executive chairman of ACDX.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
