US-based decentralised exchange platform operator Dydx has completed a $65m series C round led by investment firm Paradigm and backed by a raft of corporates from the blockchain technology sector.
The round included blockchain technology developer StarkWare Industries, digital asset liquidity provider Wintermute, research firm Delphi Digital, digital financial services provider Menai Financial Group, digital asset trading firms QCP Capital, MGNR, Sixtant and Kronos Research, and CMT Digital, a subsidiary of trading firm CMT Group.
Venture capital firms HashKey, Electric Capital and Andreessen Horowitz also took part in the round, as did Three Arrows Capital, Polychain Capital, CMS Holdings and Finlink Capital.
Dydx has built a decentralised exchange platform for trading cryptocurrency derivatives. It will use the capital injection to enhance liquidity on its exchange platform, decentralise its protocol, increase headcount, launch a mobile app and add new features and assets to the product.
The company also plans to secure partnerships with infrastructure technology providers and make strategic investments in international growth markets.
Three Arrows Capital and DeFiance Capital co-led a $10m series B round for Dydx in January 2021 that included Wintermute, digital asset trading firm GSR, merchant banking firm RockTree Capital, Hashed, Spartan Group, Scalar Capital, SCP, Andreessen Horowitz and Polychain Capital.
Dydx had previously raised $10m in a 2018 series A round co-led by Andreessen Horowitz and Polychain Capital that also featured Abstract Ventures, Kindred Ventures, 1confirmation, Craft Ventures, Bain Capital Ventures, Dragonfly Capital, VY Capital and various individuals.
Andreessen Horowitz and Polychain Capital had also co-led a seed round of undisclosed size for the company in 2017 that included Kindred Ventures, Abstract Ventures, 1confirmation and assorted angel investors.