Synthetix, a decentralised trading platform, has reportedly collected $12m in a funding round to supply liquidity it its protocol.
The round was supported by Coinbase Ventures, Paradigm and ISOG, according to a report from Coindesk.
This funding will supply Synthetix with liquidity for its protocol, as well as enable it to hire more staff and plan the upgrade for its platform.
Synthetix is a cryptoasset-backed network that enables the creation of on-chain synthetic assets. The platform provides the tools to build assets and, earn rewards by providing collateral to the Synthetix protocol.
Earlier in the year, Nayms reportedly raised £1.5m in its seed round. The company enables cryptocurrency investors to reinsure crypto-risk.
Paradigm recently led the $6.7m Series A round of Opyn, which enables consumers to trade options on Ethereum.
Copyright © 2021 FinTech Global
